Monday, August 8, 2016

4 Myths About Property Taxes

Property Tax Reduction Consultants
125 Jericho Turnpike, Suite 500 
Jericho, NY 11753
(516) 484-0654 or (631) 484-0654

Whether you recently became a homeowner for the first time or are moving onto owning your second home, there's one thing that should never be overlooked - property taxes. What have you been told about property taxes before? Between word of mouth and the massive amounts of information out there in the world today, there could be a chance that some of what you've heard isn't necessarily 100% true. That said, today, we're here to clear up some of the most common myths we've found to ensure that the information you have is right - take a look below.

Myth #1: Assessments are the only reason property taxes can be high.

Yes, your home's assessment does contribute to your property tax bill, but it's not the only factor that goes into it - property taxes are determined by multiplying the property's assessment by the tax rates for school districts, counties, special districts and municipalities, so you need to consider what your current tax rates are too. More information on this is available here.

Myth #2: An assessor determines property taxes.

An assessor's job is to figure out what your property's market value is, not what property taxes will be. While the assessment is a part of the property tax equation, the assessor's primary responsibility is to figure that number out - property tax rates are determined elsewhere.

Myth #3: Tax rates can help you figure out if you should expect an increase or decrease in property taxes.

Since tax rates are just one factor that goes into determining property taxes, you can't assume that your property taxes will go up or down just because the tax rate does. For example, even if the tax rate decreases, you could still see an increase in your property taxes if your home's assessment has gone up.

Myth #4: There is nothing you can do about your property taxes.

If you feel that you're paying too much in property taxes, you may file a tax grievance in an attempt to find some savings. Tax grievances are formal complaints against the assessed value of your property, and filing for one allows your assessment to be reviewed by the assessor to determine if there is any room for a reduction.

Live on Long Island? If so and you think that you're paying more than necessary in property taxes, the P.T.R.C. Inc. team can help! Each year during the application period, we accept applications from both Nassau and Suffolk County homeowners and then take care of the grievance process on their behalf - we only charge for successful cases too!

To learn more about what we do and how we can help, please give us a call at (516) or (631) 484-0654 or send us an email at info@ptrc.com.

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