Property taxes can be a tricky subject. What's the difference between what you pay and your neighbor pays? Why are my property taxes higher than my neighbors? Property taxes differ from person to person, and many factors come into play when determining them. These factors include:
Square Footage
How property taxes work is that they are calculated based on the assessed value of your home and the mileage rate for the area you live in. Typically, houses with larger square footage and cost more will have to pay more in property taxes.
Difference in Assessments
Another reason for the difference in property taxes is due to the assessment. If you live in a newer house, chances are that your home was assessed at a higher value than your neighbor's. Older homes may be, on average, lower-valued, but this is not always the case as well.
County Policies
Different counties will assess tax rates differently based on their policies. Property tax rates vary by county, school district, type of property (residential vs. commercial), and the type of service provided. Property tax rates also change when local budgets do not have enough revenue to provide services or maintain public infrastructure such as roads, bridges, schools, etc., resulting in varying property taxes.
Additions to Your Home
That's right — anything from a pool to higher fences or even an extension on your property could result in higher property taxes. So if your humble abode has more amenities than your neighbors, you're probably going to have higher taxes. 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.comc.com
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