Wednesday, November 30, 2022

Home Selling Myths

 

When it comes to selling your home, there are a lot of myths and misconceptions out there. In this blog post, we'll dispel some of the most common myths so that you can enter the home-selling process with your eyes wide open.

Myth #1: You Need to Spruce Up Your Home Before Putting It on the Market

Many homeowners think that they need to spend a lot of money on cosmetic upgrades before putting their homes on the market. But in reality, most buyers are more interested in the bones of the house — things like square footage, number of bedrooms and bathrooms, and location. As long as your home is clean and presentable, you shouldn't need to spend much money on upgrades.
 

Myth #2: The First Offer Is Always the Best Offer

Reality: Often, the first offer is a lowball offer from an inexperienced buyer who's just trying to get a deal. Don't automatically accept the first bid that comes in. Instead, counter with a fair price and see if the buyer will meet you in the middle. If not, move on to another potential consumer.

Myth #3: It Takes Forever to Sell a House

This isn't always true. It really depends on things like market conditions and pricing. In some markets, houses sell quickly — sometimes within days or even hours! If you price your home competitively and make it available during peak buying season, you could have it sold in no time flat.
 

Myth #4: Realtors Aren't Worth the Cost

Full-service real estate agents do charge a commission (usually 6%). Still, they also provide valuable services like marketing your home, negotiating with buyers, and handling all the paperwork involved in selling a house. Realtors have access to the Multiple Listing Service (MLS), which gives your home maximum exposure to potential buyers. So while you may have to pay a commission upfront, working with a realtor could save you money in the long run — not to mention help prevent many headaches!
 

Property Tax Consultants on Long Island

If you want to reduce your property taxes, we’re here to help. Based in Plainview, New York, P.T.R.C., Inc. specializes in minimizing clients’ property tax assessments with personalized service. Our number one priority is customer satisfaction.

Monday, November 21, 2022

Tips for Celebrating the Holiday Season on a Budget

 

The holidays are a special time for family and friends to celebrate. However, this busy season can also be a very expensive period. If you want to celebrate the holidays without breaking the bank this year, our team here at P.T.R.C., Inc. has some tips that can help you save cash.

Create a Budget and Stick to It

One of the best ways to save money during the holidays is to create a budget and stick to it. Determine how much you can realistically spend on gifts, decorations, and food. Once you have completed your budget, stay within it. Consider getting creative with your gift-giving or making your own decorations if you find you’re getting too close to going over your set amount.

Take Advantage of Sales and Discounts

Another great way to save money during the busy season is to take advantage of sales and discounts. Many stores offer great deals on holiday items leading up to the big day. If you plan ahead and purchase items when they are on sale, you can save yourself a lot of money. Additionally, many stores offer coupons and discounts that can be used on holiday purchases. Be sure to check for these before heading out to buy!

Reuse and Repurpose Items from Previous Years

A third way to save money during the holidays is to reuse and repurpose items from previous years. For example, if you have Christmas lights from last year that still work, there is no need to go out and purchase new ones. You can also use last year’s holiday cards as gift tags or turn them into new cards by adding your personal touch. Get creative with what you already have and see how much money you can save in the process.


Ready to Save Money?

You count on one of the leaders in property tax challenges! For decades, Property Tax Reduction Consultants on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority.

Tuesday, November 15, 2022

The Ultimate Guide to Grieving Your Property Taxes for the First Time

 

Grieving your property taxes is a process by which you can challenge your tax assessment and potentially lower your annual property tax bill. It can seem daunting if you've never gone through the process before. But don't worry! This guide will walk you through everything you need to know to grieve your property taxes successfully.
 

What Is a Property Tax Grievance?

A property tax grievance is a formal challenge to your property tax assessment. The assessment is the value that the municipality has placed on your property for tax purposes. In most cases, your estimate will be based on the sale price of your home. However, if there have yet to be any recent sales of comparable homes in your area, the municipality may use other methods to assess your property's value.
 

Why Would I Want to Grieve My Property Taxes?

The primary reason to grieve your property taxes is to lower your annual property tax bill. If you succeed in reducing your assessment, your tax bill will be lowered accordingly. This can mean significant savings, especially if your estimate was significantly higher than the sale price of your home.
 

How Do I Grieve My Property Taxes?

While this is a process you can tackle yourself, a lot goes into it. It can be complicated, from filing the correct paperwork to presenting yourself at a hearing to make the case for why you believe your assessment should be lowered. That is where we come in.

When you trust P.T.R.C., Inc., we can take care of everything for you! Simply submit your application, and we'll be in touch regarding our process to help you pay the lowest legal amount possible for your property taxes.
 

Ready to Save Money?

You count on one of the leaders in property tax challenges! For decades, Property Tax Reduction Consultants on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority.

Thursday, November 10, 2022

Tax Preparation Checklist

 

Tax season is coming up, and if you're like most people, it's a time that can be overwhelming. We are always running out of time, not enough money to pay our taxes, or something else comes up, and we just don't know what to do. But there's no need to worry! It's never too early to start preparing for tax season, so here's a checklist of items you'll need to begin your prep.

Gather All Financial Documents

You will want to gather every piece of information related to your finances, including W-2 forms, bank statements, 1099s, and other investment income records. You'll also want to gather information such as income earned, education expenses, and medical expenses to complete your taxes accurately. This will make it easier once tax season rolls around because you'll have all the information needed to complete the process.
 

Create an Organized System

You want to avoid scrambling to find everything you need once tax time arrives. After gathering all the necessary information and documents, it's time to create an organized system. Whether you need to create a spreadsheet, file everything in alphabetical folders, or invest in a tax helper service, consider ways to make the season much easier for you.
 

Consult With a Financial Advisor

Another important task you should do is find out what new tax laws are going into effect this year and how they will affect your taxes. You can consult a financial advisor or accountant if you have any questions about what changes may occur and how they might impact your finances.

Look Into What Deductions Your Eligible For

Don't worry — there might be ways to get your taxes reduced this year! It's essential that you know what deductions or credits are available to help lower your taxable income. This also includes property tax reductions!
 

Property Tax Consultants on Long Island

If you want to reduce your property taxes, we’re here to help. Based in Plainview, New York, P.T.R.C., Inc. specializes in minimizing clients’ property tax assessments with personalized service. Our number one priority is customer satisfaction.

Tuesday, October 25, 2022

Will Building a Garage Increase Your Property Taxes?

 

Garages can provide several benefits to homeowners, including convenient vehicle storage, additional living space, and added protection from weather elements such as rain, snow, sun, and wind. However, suppose you're considering building a garage on your property. In that case, it's important to understand how this structure might affect the overall value of your home and how that might affect your property taxes.

Here are some facts to consider regarding whether building a garage will increase your property taxes on Long Island.

Will a Garage Add Value to Your Home?

Not only can building a garage increase the curb appeal of your home, but it can also add value. The addition of a garage can make your property more livable by providing an out-of-the-sun, dry and secure place to store your car and other items. This is why having a garage can also help with resale value — resulting in increased taxes.

What Are Your Town's Regulations?

This question often arises when homeowners are looking to build a garage. Both Nassau County and Suffolk County have certain requirements to meet to begin the building process, let alone how much it will add to your property taxes.

There are other criteria to be aware of, and regulations differ from town to town, so make sure you talk to your town's building department before moving forward with any plans.

So, Will Building a Garage Increase Your Property Taxes?

According to the New York State Tax Department, any additions or improvements to your property will increase its assessed value. For example, if you are building a garage, the assessed value of your property will be updated to reflect the addition. So, unfortunately, the answer is yes.
 

How to Limit The Increase in Taxes as Much as Possible

There are little things to consider when building your garage that might affect how much is increased in your property taxes. Things like avoiding certain materials, keeping it from becoming a living space, the timing of the construction project, and other possible exemptions. Do your research if you'd like to avoid heavy tax burdens!

Not only that, but you also can turn to our team here at P.T.R.C., Inc. to help!
 

Ready to Save Money?

You count on one of the leaders in property tax challenges! For decades, Property Tax Reduction Consultants on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority.

Wednesday, October 19, 2022

Celebrating Halloween on Long Island

 

The spooky season is upon us! And with it comes pumpkin picking, haunted houses, and more — especially on Long Island. Our little island is the perfect spot for all things Halloween. Whether you're in Nassau or Suffolk County, we've got all the best places you need to visit this year before this spooktacular holiday passes.

Here's a full breakdown of where you should celebrate your Halloween this year on Long Island.
 

Family-Friendly Events

The little ones love celebrating Halloween but can't always handle the scary part of it. That is why Long Island has many family-friendly events to choose from this year. From pumpkin picking to costume contests to not-so-scary haunted houses, here are our top picks for families:

Spooky Fun

If you're a horror fan, then make your way to all the spooky happenings and parties that are happening throughout Nassau County and Suffolk County. After all, what's the Halloween season without a few scares along the way? Here are some of the most famous haunted houses to visit this year:

Haunted Spots

Whether you're a skeptic or a believer, it's hard to deny that Long Island has some very old and creepy historical buildings everywhere. From exploring Old Bethpage Village to driving past Kings Park Psychiatric Center, now is the time to get to know all our haunted lore on the island. Of course, do not trespass and do not cause any kind of disruption to historic sites — instead, consider looking into ghost tours.


Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com

Friday, October 14, 2022

2022/23 School Tax Bill Information

 

It's that time of the year again — the school tax bills for Nassau County are coming into effect. Use this guide to make sense of the numbers and figures on your Nassau County school tax bill and learn how it's calculated. And don't hesitate to contact our office if you have any additional questions or would like to discuss your reduction options with one of our professionals!
 

Understanding New York Property Taxes

Most taxpayers in New York State receive two tax bills each year: one from the county and one from the school district. The county taxes are figured by multiplying a tax rate by the assessed value of your home, which is determined by its market value. The school taxes are calculated as a percentage of that assessed value.

How Does Your Property Value Affect Your Taxes?

The school tax bill is estimated based on the value of your property and the assessed value of all properties in Nassau County. The more valuable your home, the higher your taxes will be, but if you have a high-value home, it doesn't necessarily mean that you will have to pay a lot more in taxes.
 

What Is The School Tax Bill?

The school tax bill is a type of property tax that goes to the school district in your county. It helps fund public schools, community colleges, libraries, and other county agencies. Your school tax bill depends on how much you owe and what type of home you live in — the higher your income and the more expensive your home, the more you will pay in taxes.

What Are The Possible Exemptions?

Although Nassau County's property taxes are some of the highest in the nation, there are many exemptions for residents to help reduce this burden. The following exemptions are available to Nassau County residents:
  • Senior Citizen Exemption: Senior citizens aged 65 or older whose annual income is less than $40,000 receive a tax exemption from the first $40,000 of their yearly income.
  • Veteran's Exemption: Any United States veterans living in Nassau County and having been honorably discharged from their service are eligible for a property tax exemption.
  • Volunteer Firefighters and Ambulance Workers Exemption: Both volunteer firefighters and ambulance workers can take advantage of this property exemption as long as they have volunteered for five years at least.
  • Limited Income and Disabilities Exemption: As long as they meet the criteria, residents in Nassau County who are on limited incomes or suffer from disabilities may be eligible for property tax exemption.

When Will This Take Effect?

Make sure you're keeping in mind the Nassau County tax schedule for this year! On October 1st, the county issued the first half of school tax bills. After this, the 2022/23 first half of school tax payments will be due by November 10th, 2022, to the receiver of taxes. Make sure you pay these on time, as you may be subject to penalties due to lateness!

By April 1st, 2022, the second half of the 2022/23 school tax bill will be issued and due by May 10th. Keep an eye out for local announcements from your county on any updates for these.

And if these tax burdens become too much for you, our team is here to help. P.T.R.C., Inc. has been a leader in property tax reduction for years, and we're ready to help lower your Nassau County tax bills!
 

Ready to Save Money?

You count on one of the leaders in property tax challenges! For decades, Property Tax Reduction Consultants on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority.