Friday, March 11, 2022

What Exactly Is a Property Tax Assessment?

 

When you obtain your property tax bill, it is based on the assessed value of your property, along with your property tax rate and any exemptions you qualify for. This property tax assessment is the value that a municipality has placed on your home, as well as its market value. The amount of taxes you pay depends on how much it's assessed for. So what does this mean for your home, and what changes can it bring?

What is a Property Tax Assessment

Property tax assessments are a type of property value that can be determined by assessing the market value of the land and any improvements. Your property taxes are estimated on your home or any other residential land in which you live.

The taxing authorities will then calculate the amount of money they believe should be paid by those who reside there, and this money goes towards public services such as schools, police departments, parks, etcetera

Some Downsides to This Assessment

The assessment is used to determine how much taxes will be paid on a property, but it does not consider other factors such as upkeep or renovation costs. An assessor values the assessed property based on its present condition without considering future growth or improvement possibilities.

How Can You Get Your Property Taxes Lowered?

If the bill is way higher than you accounted for after receiving your final property tax assessment, there is a way to get this number lowered. And that is through a property tax grievance!

Luckily for Long Island homeowners, P.T.R.C., Inc. has worked with both homeowners and taxing authorities with an unsurpassed ability to communicate, facilitate, and achieve great success in the assessment challenge process.

Experience the difference in working with a team of experts who look forward to talking to you.

Contact Us for Property Tax Reduction on Long Island

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

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