Real Estate Tax Assessments and Grievances
Understanding New York property tax
In New York, property tax is determined based on the value of real property. Taxable real property includes all land and any permanent structures attached to it. Houses, vacant lots, strip malls, corporate buildings, and gas stations are all considered real property.
Unlike other states, there is no tax on personal property, such as automobiles or fine jewelry. Municipalities in New York State use the money raised by property tax to fund public services like the schools and police department.
The amount of property tax owed is determined using two factors:
- Taxable assessment of the property
- Tax rates of the jurisdictions where the property is located
Calculating a New York property tax assessment
Tax assessments of property are determined by an elected or appointed local official, called an assessor. The assessor can estimate the market value of property based on market value, or the sale prices of similar properties under normal market conditions.
After the value of the property is determined, that figure is multiplied by the tax rate of the jurisdiction in which the property is located. These vary throughout the state, however the tax rates applied to every piece of real property are uniform within any given municipality. Exceptions include Nassau County and New York City.
Property tax rates are established using the tax levy. The tax levy in a given jurisdiction is determined by:
- Establishing a budget
- Calculating all revenue for the jurisdiction
- Subtracting that revenue from the budget
The remaining figure is the tax levy. This is the amount of revenue the municipality must then raise through property taxes.
Filing a property tax grievance
If you feel you are being unfairly taxed on your property, we can help. In order to reduce your property taxes you must prove that the value of your property is less than the valuation assigned by your assessing district.
With representation from an experienced law firm like Fix Spindelman, your chances of getting an appeal approved increase greatly. Do not delay in contacting us if you feel that you are being unfairly taxed, as you only have 30 days following the final assessment is filed to appeal.
Attorneys
Contact us today
At Fix Spindelman, our attorneys are highly experienced in dealing with real estate and property taxes. We can help you understand your property tax situation, determine the fairness of your assessment and build a case for your appeal. Contact us today.
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