Long Island Home Owners pay one of the highest property taxes in the Nation and those high property taxes dramatically reduce the market value of their home by reducing their buyer pool when it comes time for them to sell.
It is important for homeowners to know that each $1000 in property taxes reduces the qualifications of a potential buyer by $14,000 (at an interest rate of approximately 6%). So, if one home is on the market for $500,000 with $10,000 in taxes, and another home is on the market for the same price with $8,000 in taxes, a buyer could qualify to pay $28,000 more for the home with the lower taxes. Therefore, anyone who thinks that their property taxes do not have a direct effect on the market value of their home should think again. Every time your taxes are raised, the market value of your home goes down.
That is why it is time to take action and file a property tax grievance. Property tax grievance day for Nassau County is March 1, 2014. You will want to file before that date. Property tax grievance day for Suffolk County is now through May 20, 2014.
You do not need to hire an attorney to grieve your taxes but it helps to do so and attorneys do not charge unless they are successful. Most attorneys charge a percentage of your first year's saving, without any upfront fees. It is a good deal, and worth it to make sure you get the best representation possible. If you need an attorney, contact us and we will refer you to an experienced professional who can handle your case.
If you would like to know the current market value of your home please contact us for a free no obligation evaluation.
FAQ - Eleven Answers To Tax Grievience Questions
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