Tax and Assessed Value of home

So we got a letter in the mail from our town assessor and it shows that the current tentative assessment is higher than the prior assessed value. Here is the question- what do these numbers mean?????

For example:
Prior Assessed Value: 18,650
Current yr assessment: 20,500
Net change: 1,850

It says we can file a grieve this but I am not sure how to read the above numbers.

Help?

Re: Tax and Assessed Value of home

The prior assessed value is what you were paying taxes on for 2006. The current assessed is the new assessment that you will be paying taxes on going forward. The change is the difference between the two. If you believe that your house is worth less than the current assessed value, you have an opportunity to grieve the assessment. The website to file in Nassau opens Jan 2 (can you tell I am eagerly awaiting this?). I am not sure what is entailed in the grieving process, but I know many people hire lawyers to do it for them. However, the website says that it is easy enough to do yourself. You need to have a good case to grieve them though - such as homes that are comparable to yours that have sold below your current assessed value. In our case, we paid substantially less than the assessment, and I was told that would make enough of a case. Let me know if you need any more info.

ETS: If the numbers are low like the ones in your example, they are telling you the actual taxes that you paid. That would mean that your taxes are going up by $1850.... Are you in nassau? if so you can see your assessment by going to www.mynassauproperty.com. If you need any help you can FM me and I can walk you thru it.

Message edited 12/27/2006 8:21:59 PM.

Re: Tax and Assessed Value of home

OMG thank you for the long detailed response.

Yes i am in Nassau- Long Beach to be exact. We just bought the house back in Oct and I wasn't sure how to read these numbers. So i guess if the prev owners were paying 7k does that mean we will be paying 8,850 now with this assessment?

I am not sure how we would have a case.

Yikes- now i did apply for Star but my understanding is it won't be applicable till 2008.

Re: Tax and Assessed Value of home

Definitely grieve your taxes. I recently read somewhere that 1/3 of all homes on LI are paying more than what they should be paying in taxes.

We went through one of those law firms that sent us a form in the mail. We've only be in the house less than a year when we sent the paperwork in and we just got notice a few weeks ago that we are getting about an 18% reduction on our taxes .

I believe we have to pay them a fee of 1/3 of whatever they save us but it is a one time fee and well worth it.

Re: Tax and Assessed Value of home

Go to this website and try to locate your property. You should be able to type in your address and find it although sometimes the street names are inaccurate and you need to use the map, which can be tricky. Or if you know the section & lot # you can look it up that way. Those numbers should be on the letter you were sent. Take a look at the assessed property value for 2007 and see if this is more or less than what you paid. If it's more, then you should definitely grieve the taxes. If it is less, you probably wont have much of a case. If you need help, let me know, you can FM me your address and I can try to look it up for you. A while ago I posted the website for grieving taxes in Nassau county. I will try to do a search and bump that thread.

My Nassau Property

Message edited 12/27/2006 10:08:01 PM.

Re: Tax and Assessed Value of home

I just bumped the other thread and here is the website again....

Nassau tax grievance

Good luck!

Re: Tax and Assessed Value of home

Posted by Tah-wee-ZAH

Definitely grieve your taxes. I recently read somewhere that 1/3 of all homes on LI are paying more than what they should be paying in taxes.

We went through one of those law firms that sent us a form in the mail. We've only be in the house less than a year when we sent the paperwork in and we just got notice a few weeks ago that we are getting about an 18% reduction on our taxes .

I believe we have to pay them a fee of 1/3 of whatever they save us but it is a one time fee and well worth it.

Re: Tax and Assessed Value of home

I am not in Nassau Co, so I don't know much about the process there but I grieved my taxes. The difference was about the same as yours. But they dind't do anything, in fact the girl said to DH when he went to grieve "the difference isn't that much I'm surprised you're trying to grieve it". Um...$1900 difference is not that much...since when???

Good luck I hope the outcome is in your favor.