Showing posts with label nassau. Show all posts
Showing posts with label nassau. Show all posts

Thursday, November 15, 2018

What is Property Tax?



Property tax is the amount of tax that a homeowner needs to pay every year for owning that property. It is a type of ad valorem, a term derived from Latin which means 'according to value'. The tax of a property is calculated based on the assessment of the value of the property.

Local property taxes imposed on every homeowner in the locality is used to fund many public properties and service such as schools, libraries, and fire department. This tax is the major source of funding in most counties across the United States. Some property tax bills show how the funding is used and distributed and what portion of the money goes to any specific public expense.

Assessing property tax is done entirely by the local tax assessor's office upon the guidance of PTRC. It is calculated every year or once in five years depending on the state and local laws. The tax assessment is first sent out to homeowners which is followed by actual tax bill for the property. The final assessment is based on the estimation of the market value plus other elements such as sales comparison, cost method, and income method.

While comparing sales, your property is compared with other similar properties that were sold in the recent months or years. It is then adjusted to variables that may increase or decrease the value of your property such as home additions, improvements and renovations. In the cost method, the assessor will calculate the total cost of rebuilding the property from the ground up taking into account labor and materials used.


If the property is old, depreciation is factored in as well. The cost is then added to the value of the land. For business and commercial properties, the PTRC assessor will use the income method to arrive at the final assessment. Here, the income that the property would generate if it is rented out is calculated based on rental rates, maintenance cost and other expenses.

The property's assessment is finally multiplied with the local tax rate. This rate is usually called as mill rate. One mill is equal to $1 for every $1000 of the value of the property or depending on what the local or state government has determined. The final value of the mill rate may vary from one region to another. Local government often decide how much tax revenue should be generated in order to keep the public services up and running.

Monday, October 29, 2018

What Does Market Value Mean?


When a person or business is looking into selling, they need to know how much their home or building is worth. They will need to have a good idea of this in order to ask for an amount that is both reasonable and practical so that it will sell.

The Market Value

The market value is an estimate of how much the home or building will command on the market. This takes into consideration on types of information. A person or company will want a professional to get involved so that the property can be appraised. At Property Tax Reduction Consultants, we have the ability to help you find the market value of your home or building in Nassau or Suffolk County.

Market Value Will Fluctuate

The market value of a home or business will fluctuate. It will depend on how the market is doing in general, where the home or building is located and how the economy is doing. All these factors will combine in order to see how a home or business will sell when it is compared to other buildings of a similar nature.

Increasing The Market Value

There are many things that a person or company can do to increase the market value of their building. They can renovate it, fix anything that is broken and make it more appealing. All of these things can help to up the market value.

Property Tax Reduction Consultants

We are a company that takes pride in what we do to help our customers. Our staff is professionally trained, and they are exceptionally good at what they do. They are able to answer any questions that our clients will have because they are experienced at knowledgeable about their craft. If you or someone you know needs to find out the market value of your home or business, please contact us for more information.


At Property Tax Reduction Consultants, PTRC, we are here to assist you. Please take a look at our website, https://www.ptrc.com/, and make an appointment with PTRC as soon as possible.