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Real Estate Tax Experts?

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spooks
So in love!

Member since 6/06

4378 total posts

Name:
Sarah

Real Estate Tax Experts?

We're trying to grieve our taxes but I'm so confuse about a few things:

Assessed Value of Property vs. Market Value vs. Full Value


Assessed Taxes vs. Taxes

Equalization Rate?

The Tax Dept. told me what they say our Market Value is, we actually bought the house for 20K less, which is why we're grieving.

TIA!

Posted 7/19/10 8:27 PM
 
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Mill188
LIF Adult

Member since 3/09

3072 total posts

Name:

Re: Real Estate Tax Experts?

Assessment = basically a percentage of "full value" set by the local taxing municipality

Full Market Value = the value of the property which is obtained by taking the assessment and dividing by the ratio.

Market Value - same as full market value

Equalization Rate - also known as ratio or for residential properties, the Residential Assessment Ratio (RAR).

The ratio is determined each year by the Office of Real Property Tax Services in conjunction with the local municipalities.

Here's an example:

Say you live in the Town of Islip. The 2010 RAR for Islip is 11.35%. Your assessment is $37,500. The Town is taxing you as if your house is worth $330,396. (37,500 ÷ 11.35% = $330,396). If you paid less than $330,396, you have a case. If you paid more than $330,396, you're actually under assessed.

Let me know if you have any other questions.

Posted 7/20/10 10:10 AM
 

spooks
So in love!

Member since 6/06

4378 total posts

Name:
Sarah

Re: Real Estate Tax Experts?

Thanks - this was so helpful!

Posted 7/21/10 3:06 PM
 
 

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