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How to reduce property taxes in ny

how to reduce property taxes in ny

Understanding Your Tax Bill:

Property tax bills are required to show information to help taxpayers understand their tax liabilities. Most homeowners receive a separate bill for the Town-County Tax and for School Tax. The bills show important items, such as the full market value of your property and the uniform percentage that the assessor is applying to all properties in that jurisdiction to determine their assessments. This information can help you to determine if your assessment is fair or not. The bills also include information about how tax amounts are calculated and how tax levies (the amount to be collected by the taxing jurisdiction) change from year to year.

Assessment-related information on your property tax bill:
  • The Full Value of the parcel as determined by the assessor - This is the assessor's opinion of your parcel's current market value. (The full value divided by the uniform percentage of value equals the total assessed value.) Also, you will find the full value of any exemptions. The full value of an exemption provides you with the ability to see how much your exemption is worth when expressed in terms of the full value (or market value) of your property.
  • The Uniform Percentage of Value at which parcels are assessed - Assessments must be made at the same percentage of market value for all property in the assessing unit (except for Nassau County and New York City, where a separate percentage is applied to each of four classes of property). The uniform percentage of value can be used by a property owner as support in a court proceeding to challenge an assessment.
  • The Total Assessed Value of the parcel - This is the starting point for setting the amount on which your tax is based. At this point, exemptions have not been deducted.

  • With this information, and the knowledge of what your property is

    worth, you can determine if your assessment is fair. For example, let's take the hypothetical case of a residential property owned by Mr. and Mrs. Smith in a certain town: The new tax bill lists the full value of the property as $100,000, the town's uniform percentage of value is 50 percent, and the assessed value on the assessment roll is $50,000. (The assessed value should be arrived at by dividing the full value by the uniform percentage.) The Smiths, however, have evidence that their property is worth $85,000, not $100,000. Since their property is supposed to be assessed at the town's uniform percentage of 50%, they multiply $85,000 by 50 percent and get $42,500. This is what they believe their property's assessed value should be, approximately (and what they should be paying taxes on) - not the $50,000 listed on the town's assessment roll. Additional information contained on property tax bills:

    • Mailing address of the owner.
    • A description to let the owner know which piece of property is covered by the bill.
    • The amount of taxes due, as well as the data used to calculate the amount of taxes due. This would include:
      • The assessed value of the exemptions applied to the parcel for each taxing purpose. This is the amount deducted from the total assessed value of the property because of any exemptions you may be receiving.
    • The taxable assessed value of the parcel for each taxing purpose. This is the amount that the taxes are based on. Taxing purpose means the type of tax, such as town, county, school, etc.
    • The tax rate for each taxing purpose. This is an amount, usually shown in dollars per thousand of valuation (for example, $50 Per $1,000 of assessed value). It is used to calculate your tax. how to reduce property taxes in ny

    Category: Taxes

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