Long Island Property Taxes: Why You Should Grieve Your Property Taxes Annually
One of the first questions a buyer asks is “How much are the property taxes?” Long Island property taxes are notoriously high. But there are some tips a surprisingly large number of Long Island taxpayers don’t know. Grieving your taxes is a huge tip. I highly encourage all homeowners to grieve their taxes; not just once, but continuously! This is a huge tip to help lower your Long Island property taxes.
How Long Island Property Taxes are Determined
Your town places an assessed value on your home, which is a percentage of full fair market value. New York State establishes a ratio: the Residential Assessment Ratio. Dividing the Residential Assessment Ratio by your Assessed Value equals the full Fair Market Value. If you multiply your assessed value and your local tax rate per $100, you receive your actual property tax amount.
Problems occur when a certain percentage of property taxes are fair market value. Based on fluctuating real estate markets, fair market value can change. It is also subjective. A tax grievance comes into play. A property tax grievance is a formal complaint submitted to your town disputing your assessment. If you feel your property values have been over assessed then filing a tax grievance is warranted. Whether you are looking to sell your home or not, grieving your taxes is a necessity. Clearly, Nassau and Suffolk County will not voluntarily reduce the assessed value of your property. And thousands of Long Islanders file to grieve their taxes with great results!
Advantages of Property Tax Grievances
Here is some additionally important information to keep in mind. Did you know that for every $1000 in lower taxes, a home’s value can increase by $10-20,000? Also noteworthy, it is against New York State law to raise property taxes due to a filing of tax grievances. There really is nothing to lose except potential savings! You can continue to file and qualify every two years, regardless if you were successful or not in the past.
Once your reduction is awarded, your tax bill will show a credit (or a refund if your bill has been paid in full). Your credit retroactive to the tax bill of the grievance.
You do not need to hire an attorney to file. However, if you feel you would like additional help, there are resources to assist you. Of course, feel free to contact me and I will point you in the right direction. Know that most attorneys do not charge any fees upfront OR if you lose. The reduction amount determines the fee charged.
If you are a Nassau county taxpayer, here is the application link:
Nassau County Tax Grievances The application deadline is March 1, 2017. There is no fee.
Similarly, for Suffolk county taxpayers, here is the application link:
Suffolk County Tax Grievances There is a $30 filing fee and the deadline is May 16, 2017.
Please note that I do not grieve taxes for other people. This is merely an informative article to advise fellow Long Islanders how to grieve taxes.
