Property Tax Information
Property taxes represent a significant financial obligation for homeowners throughout Long Island, where residents of Nassau County and Suffolk County contend with some of the nation’s highest tax rates. While property taxes serve as a crucial source of revenue for funding essential services such as public schools, road maintenance, and emergency response, they can also place a strain on household budgets. Understanding how property values are assessed and how tax rates are determined is essential for homeowners seeking relief from this financial burden.
Assessment Methods in Nassau vs. Suffolk County:
The methods for assessing property values differ between Nassau County, Suffolk County, and New York City. In Nassau County and New York City, properties are typically assessed at their full market value. Conversely, other counties in New York follow state law, assessing properties at a uniform percentage of market value established by local municipalities. For example, if your home has a market value of $400,000 and your community assesses properties at 20% of market value, your property assessment would be $80,000.
Determining Tax Rates and Levies:
Tax jurisdictions start by adopting a budget, after which they calculate the tax levy—the total amount raised from property owners. This figure is derived by subtracting revenue from sources such as state aid and sales tax from the adopted budget. The tax levy is then divided by the total taxable assessed value of properties within the jurisdiction to determine the tax rate. This rate is typically expressed per $1,000 of assessed value. For instance, if a town has a tax levy of $1,000,000 and a total taxable assessed value of $20,000,000, the tax rate would be $50 per $1,000 of assessed value. If your property’s assessed value is $250,000, your property taxes would amount to $12,500.
Understanding Local Property Tax Rates:
Property tax rates vary by location and are set by local governments rather than the state. These rates, when applied to your property’s assessment, determine your tax bill. In Nassau County, the average tax rate is 2.24%, while in Suffolk County, it’s slightly higher at 2.37%. For example, a property assessed at $500,000 in Nassau County would result in property taxes of $11,200.
Challenging Property Assessments:
Homeowners who believe their property has been over-assessed or that their taxes are unjustly high have the option to file a property tax grievance. This process involves challenging the municipality’s assessment, either independently or through a property tax lawyer. These professionals can assist in the property tax appeal process, seeking property tax reduction or assessment appeal to provide property tax relief. It’s important to note that each property is evaluated independently, and your neighbor’s assessments do not impact yours.
Commercial Property Tax Grievances:
Business owners facing high property taxes can also file grievances. Whether the property is residential or commercial, if it is subject to property taxes, owners have the right to dispute them. Even if a business owner lives outside Nassau or Suffolk County, they can still file a grievance in the jurisdiction where their business is located.
Seeking Relief with Schroder & Strom, LLP:
Navigating property tax grievances can be complex and time-consuming, but homeowners and business owners alike do not have to tackle this process alone. Schroder & Strom, LLP specializes in property tax assistance, offering services such as Property Tax Grievance, Property Tax Reduction, Property Tax Appeal, Property Tax Assessment, Property Tax Relief, Property Tax Consultation, and legal representation and assistance. Our experienced property tax lawyers are here to help navigate the process, ensuring clients pay only their fair share of property taxes. Contact Schroder & Strom, LLP today to discuss property tax concerns and explore options for relief.