Property Taxes Reduce The Market Value Of Your Home
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.
This house is a perfect example:
A 4 bedroom 2 bath 2155 square foot home in the Plainedge School District of N. Massapequa on the market for $319,000.00 for 42 days and has not had an offer! The average sold price for a 4 bedroom 2 bath home in the Plainedge School District since the beginning of 2013 was $399,000.00 however the average taxes were $10,920.00. The taxes for this home are represented as $15,291.00 which clearly points out why this home has not had an offer. The taxes on this property are not only reducing their buyer pool but they are also reducing the market value of their home by as much as $100,000.00.
Not only have the sellers had to pay these ridiculously high property taxes but now that they are selling their property they will once again have to be penalized for having such ridiculously high property taxes.
This is not a Wittney Estates listing however we have been asked to market homes with outrageous taxes on more than one occasion. It is difficult to explain to a seller how much their property taxes affect the market value of their home however in my opinion it is critical that agents take the time to explain this to their sellers and more important future sellers.
A buyer for this property at full price with 20% down and a 4.5% interest rate would have a monthly payment of $1,293.00... now add the $15,291.00 or $1,273.00 a month for property taxes. Can you see how the property tax reduces the buyer pool because less buyers will qualify for the loan? Not to mention the fact that most buyers will be run the other way when they hear that the property taxes are $15,291.00!
Home owners need to grieve their property taxes. We constantly send out mailings to homeowners in the community reminding them exactly how important it is for them to keep their property taxes low and this can be done by grieving their taxes and voting for officials committed to reducing taxes in their community.
New York and New Jersey consistently come in on top as the highest taxing states. These two states have topped the list of the worst states for business taxes and New York counties have made the top of the list for having the highest property taxes in the nation.
Property tax grievence day for Nassau County is March 1, 2014. You will want to file before that date. For a free property evaluation please contact RE/MAX Wittney Estates by calling 516-795-6900 and requesting a free property evaluation.
If you go to www.mynassauproperty.com you will be able to see what your home is currently assessed for and then the next thing you will want to do is contact us for a free property evaluation.
It is time to take action ... stop letting Long Island Property Taxes reduce the Market Value of your home!