How Property Tax Assessment Works
Understanding what a residential tax assessment entails is a key factor in determining whether or not you are paying too much in property taxes. While some property owners may believe that their homes are worth more than the government's assigned "market value" and therefore are reluctant to challenge their property tax assessment, the market value is often legally irrelevant to a property's assessment value.
Thanks to our years of experience in evaluating residential real estate, we can provide you with a realistic view of your property's residential tax assessment and tell you if we believe you are eligible for a property tax reduction.
Here's how the assessment process works:
1. How Your Property Taxes Are Determined
Every town in Suffolk County places a value (called the "taxable value") on every homeowner's property in that town. This taxable value appears directly on your tax bill (sometimes called "Full Value").
New York State establishes a ratio (called "Uniform % of Value) which, when multiplied with your Full Value, equals your "Total Assessment."
Your Total Assessment is then multiplied by your "Tax Rate per $100" to determine your actual property taxes.
2. Why Your Property Taxes May Be Too High
Does your Town believe your home's taxable value is more than what you could sell it for? Have you ever gotten a second opinion?
Your Tax Assessor does not have the time or resources to evaluate every single property. Because they don't, they may fail to take into factors specific to your home, such as proximity to commercial property, parking lots, railroad stations, and other factors which could lower your home's value versus that of homes in other areas.
There are many factors which can cause a property to be assessed unfairly. Our job is to make sure you are not overpaying on yours!
3. What We Do
We can't change your "Tax Rate per $100" or the "Uniform % of Value." What we can challenge - and have reduced - is the taxable value of your home. If the Tax Assessor lowers that, the total taxes you pay are reduced, because your assessment is lower.
A Property Tax Grievance is a formal complaint that is filed contesting a town's assessed value of a specific property. If we can prove the home is worth less than the taxable value, you are eligible for a property tax reduction.
Many property owners worry that if they file a grievance, their taxes may be raised or someone from the assessor's office will come to their home. We can assure you that neither of these things will happen. Upon filing a tax grievance, your property tax assessment can be lowered or remain the same, but can not be increased, and no one will come to your home (except our own assessor who reviews your property only from the outside).
Once you give us your authorization, we evaluate your property, and determine a fair value for today's changing market. If we believe the Town's estimate is too high, we file a grievance on your behalf, and file all necessary paperwork, and represent you.
This process is Risk-Free to you - your taxes cannot be raised because you file a grievance, and no Town Officials visit your property - and we do not get paid unless we win you a property tax reduction.
It's an easy way to save hundreds - even thousands - of dollars on your annual property tax bill.
For more information, click on the links below:
Important News For Homeowners
If You Are Selling Your Home
How Your Property Tax Assessments Are Determined
Why Your Property Tax Assessment May Be Too High
What We Do / Our Fees