| Posted By |
Message |
hopeful123
LIF Infant
Member since 9/10 220 total posts
Name:
|
Grieving homeowners tax
Has anyone done this? I just got notice my taxes went up another $500 this year. I recently spoke to someone that did this and had their taxes decreased. My husband is worried that because we finished our basement, we are going to have our taxes increased, so we haven't looked into it, but I would like to. Does someone have to come and do an appraisal on your home? Like I said, we are worried our taxes will increase if they find out about finished basement.
Message edited 12/17/2011 9:56:43 AM.
|
Posted 12/17/11 9:32 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: Grieving homeowners tax
What county/town do you live in? There are specific filing periods for each jurisdiction. It is a two-step process. In Nassau, the grievance period is in January and in Suffolk County, the grievance period is in May. If you live in an incorporated village, there will be an additional grievance period.
Finishing your basement shouldn't affect your taxes UNLESS you needed a c/o to do it. If you did, your taxes will go up, but finishing a basement doesn't cause a significant increase in assessment.
By NYS law,if you protest your taxes, they cannot increase your assessment if it is found to be too low or correct.
The best place to start to learn the process is on your assessor's web page.
Remember, that just because your taxes increase, it doesn't mean you can have them reduced. What you actually grieve when you protest your taxes is your ASSESSMENT. An assessment is a percentage of fair market value placed on the property by the assessing jurisdiction. Taxes are calcualted by multiplying the assessment by the tax rate. The tax rate is a function of the budget. Tax rates cannot be challenged.
|
| Posted 12/17/11 9:57 AM |
| |
|
hopeful123
LIF Infant
Member since 9/10 220 total posts
Name:
|
Re: Grieving homeowners tax
Posted by Mill188
What county/town do you live in? There are specific filing periods for each jurisdiction. It is a two-step process. In Nassau, the grievance period is in January and in Suffolk County, the grievance period is in May. If you live in an incorporated village, there will be an additional grievance period.
Finishing your basement shouldn't affect your taxes UNLESS you needed a c/o to do it. If you did, your taxes will go up, but finishing a basement doesn't cause a significant increase in assessment.
By NYS law,if you protest your taxes, they cannot increase your assessment if it is found to be too low or correct.
The best place to start to learn the process is on your assessor's web page.
Thanks for all the info. I live in Suffolk. I think our concern with the basement is someone is going to find out we finished it and we needed a c/o. We only sheetrocked it and carpeted it, no bathroom, etc.
Message edited 12/17/2011 10:49:21 AM.
|
| Posted 12/17/11 10:47 AM |
| |
|
BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
|
Re: Grieving homeowners tax
I used a law firm (Nassau) to do this and I started this process last year. I just found out that my assessment was lowered but since the tax rates are not out yet, I dont know what my savings will be. I was actually surprised they lowered it so I am accepting their offer. The firm charges 50% of your savings for one year only so it is worth it. They dont appraise the house so they wont have any idea you renovated unless you expand or got a permit.
|
| Posted 12/17/11 3:42 PM |
| |
|
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: Grieving homeowners tax
Posted by hopeful123
Posted by Mill188
What county/town do you live in? There are specific filing periods for each jurisdiction. It is a two-step process. In Nassau, the grievance period is in January and in Suffolk County, the grievance period is in May. If you live in an incorporated village, there will be an additional grievance period.
Finishing your basement shouldn't affect your taxes UNLESS you needed a c/o to do it. If you did, your taxes will go up, but finishing a basement doesn't cause a significant increase in assessment.
By NYS law,if you protest your taxes, they cannot increase your assessment if it is found to be too low or correct.
The best place to start to learn the process is on your assessor's web page.
Thanks for all the info. I live in Suffolk. I think our concern with the basement is someone is going to find out we finished it and we needed a c/o. We only sheetrocked it and carpeted it, no bathroom, etc.
The Assessor does not send out an appraiser. There is no way they would know you finished the basement. Plus, like I said, a finished basement adds such a minimal amount to your assessment, you probably wouldn't even notice.
First thing you need to do is figure the value of your home. To figure the value the Town is placing on your home, take your assessment and divide it by the "residential assessment ratio" or RAR for your town.
For example, if you live in the Town of Islip and your assessment is $37,500 - you would take $37,500 and divide by 11.37% (the 2011 RAR), giving you a value of $329,815. If your house is worth less than $329,815 (and you can prove it), you are entitled to a reduction. If your home could sell for more than $329,815, you are not over assesed and there is nothing you can do (unless there is some other factor at play, i.e., incorrect homestead/non-homestead tax factor, being charged garbage tax when you have private carting, etc.)
The RARs for Suffolk County can be found here
|
| Posted 12/17/11 3:58 PM |
| |
|
hopeful123
LIF Infant
Member since 9/10 220 total posts
Name:
|
Re: Grieving homeowners tax
Thanks for all this info. I live in the Town of Smithtown...
|
| Posted 12/17/11 6:39 PM |
| |
|
Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
|
Re: Grieving homeowners tax
We did it. It was so easy, filled out the form online. Unfortunately, we didn't get a decrease. Evidently our taxes are inline with what we should be paying so everything stayed the same. We will refile every year though, you never know.
|
| Posted 12/18/11 12:44 AM |
| |
|
hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
|
Re: Grieving homeowners tax
I grieved in 2010 and just got them reduced for 2011-2012 which turned out to be nothing after they raised taxes. When I grieved them the the RAR was .88 from .75. I pay one of the highest property taxes in my neighborhood.
|
| Posted 12/18/11 6:11 AM |
| |
|
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: Grieving homeowners tax
The Smithtown RAR for 2011 is 1.23% (the 2012 isn't out yet). Take your assessment and divide it by 1.23% - that will give you the full market value that the Town is using for your home. If it's higher than what you can sell your home for today, you have a case.
|
| Posted 12/18/11 9:37 AM |
| |
|
hopeful123
LIF Infant
Member since 9/10 220 total posts
Name:
|
Re: Grieving homeowners tax
Posted by Mill188
The Smithtown RAR for 2011 is 1.23% (the 2012 isn't out yet). Take your assessment and divide it by 1.23% - that will give you the full market value that the Town is using for your home. If it's higher than what you can sell your home for today, you have a case.
Thanks for all the help.
I found the RAR, but where do I find the assessment? I hate to sound so ignorant, but this is all new to me since inquiring into doing this.
|
| Posted 12/18/11 9:43 AM |
| |
|
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: Grieving homeowners tax
It's on your tax bill. There will be two assessments listed at the top of your tax bill. One is land, one is total. Use the total. Do not use the amount that it's the line by line breakdown. That is the amount after your STAR exemption (assuming you have one).
You can also find your assessment on the Smithtown Assessor's website. You willl need to know your section block and lot (the district unless you're in an incorporated village is 800). assessment roll.
|
| Posted 12/18/11 10:35 AM |
| |
|
hopeful123
LIF Infant
Member since 9/10 220 total posts
Name:
|
Re: Grieving homeowners tax
Posted by Mill188
It's on your tax bill. There will be two assessments listed at the top of your tax bill. One is land, one is total. Use the total. Do not use the amount that it's the line by line breakdown. That is the amount after your STAR exemption (assuming you have one).
You can also find your assessment on the Smithtown Assessor's website. You willl need to know your section block and lot (the district unless you're in an incorporated village is 800). assessment roll.
Thanks for all the help! Found the assessment.
|
| Posted 12/18/11 10:46 AM |
| |
|
