Tag Archive for property taxes

Property tax reduction secrets revealed!

One of the main reasons homeowners cite for not challenging their Property Tax Assessments is that they are afraid that town officials will want to come into their homes.  In my experience, having handled close to one thousand Tax Grievances, in Westchester and Putnam Counties, very few municipalities ever request inspections.  The main reason for this is probably lack of time and man power.

However, if a town does request an inspection the homeowner does not have to grant it, due to their right to privacy.  As a result, this really should not be a big concern and should not prevent homeowners from seeking a fair assessment.

If the town does request an inspection it is best to accomodate them, if possible.  I have found that the best results are often achieved through cooperation, but it is certainly not a requirement.

What reasons do you or your clients have for not reviewing and challenging Property Tax Assessments?  I would love to hear them.

 

Yonkers Property Tax Rates Soar!!

The deadline for filing a Property Tax Grievance in Yonkers is quickly approaching in mid-November.  It is essential that Yonkers homeowners closely review their assessments to make sure they reflect the true market value of their homes.  In order to accurately calculate what value the City is putting on a home it is essential that you use the Residential Assessment Ratio (RAR) and not the Equalization Rate (ER).

Often municipalities will calculate the market value of homes using the ER, which results in a lower market value. This often has the effect of confusing the homeowner into thinking that their home is being valued lower than it actually is, at least for tax purposes.

Did you know that the tax rates in Yonkers have increased over 79% in the past 10 years?  I know it is hard to believe, but it is true.  In 2002 the combined tax rate was $443.43 and 10 years later in 2012 it has jumped to a whopping $794.62, per 1,000 or assessed value.  If you do the math you will see what I am saying is true.

The result is that if your taxes were $10,000 in 2002, based on the same assessment they would be roughly $18,000 in 2012.  I know it is almost unbelievable, but what homeowners need to ask themselves is what will I do if the tax rates double again in the next ten years.

The result is it is more important than ever to review your assessment and make sure it is low as possible.  If you need to accurately review your Property Tax Assessment, please don’t hesitate to contact me.