Home Buying in Deer Park>Question Details

David Robert…, Other/Just Looking in 11729

WHEN U BUY A HOME IS THE TAX RATE READJUSTED AT CLOSING..MIGHT BY HOME FOR 225,000 WAS LAST SOLD FOR 397,000 AND CURRENT TAXES ARE 10,676. WILL THIS?

Asked by David Robertson, 11729 Fri Jan 8, 2010

BE LOWERED AT CLOSING

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Robbie Vaughn, Esq.’s answer
BEST ANSWER
No, you will have to file a tax grievance.


Robbie L. Vaughn, Esq.
Long Island Real Estate Lawyer
70 West Main St.
East Islip, NY 11730
631-277-4907 (Phone)
631-277-4908 (Fax)

Disclaimer:
No Attorney-Client or Broker-Client relationship is formed until we have a signed agreement. This is not legal advice. Please verify any and all information provided to you.
Web Reference: http://Rlvaughnlaw.com
1 vote Thank Flag Link Fri Jan 8, 2010
Depends on your situation--exemptions do exist for seniors, veterans , etc.--why not discuss the issue with your attorney and or tax consultant--I believe the STAR rebate program was eliminated from the State budget of 2009/10. You can file a grievance and or contact the assessor's office in order to see if your taxes can/will be lowered.

Anna
0 votes Thank Flag Link Sun Jan 10, 2010
In a town near me (well before 2000) someone bought a house for $100k over its tax valued price. The appraiser became aware of the discrepancy. He decided that the person simply overpaid for the house. He never changed the valuation of the house. A few years later the house was sold again. This time in line with the tax valuation of $100k under the last purchase price.

Just because you pay more or less than the tax value of a house does not mean you paid the market price. You may have gotten a fantastic price. You may have overpaid greatly. You may have paid just about the going price.

One purchase by itself will not change tax valuations.

If many places are selling for less in time the properties will be revalued by the town and and the valuation placed on them for tax purposes will drop.

Do not count on tax bills going down as property values drop. The local government got used to having all that money to spend.
0 votes Thank Flag Link Sun Jan 10, 2010
David,
Tax RATE is or to you mean tax assesment? The rate is goverened by the state -- The state dictates the tax rate and its given down to the counties ! ... With all the short sales out there the local town and villages are getting there ass.. kicked .. They will adjust,but it may not be for the sale price of the home ! Tax acccesors will work with you base the " true value " of the home .....

Regards,,,

'OLD TIMMER IN THE BIZ'

Feel free to reach me ! 1 516 606 4728 --
0 votes Thank Flag Link Sat Jan 9, 2010
Hi! Here are some deadlines for the Town Of Brookhaven -

MARCH 1 STAR EXEMPTION APPLICATION - You do not have to be a senior citizen to get the exemption. The link below is the STAR application

Third Tuesday in May – Grievance Day ast day to file a formal complaint to the Board of Assessment Review protesting the assessment or an exemption shown on the tentative assessment roll.

Questions? Assessor’s Office main number (631) 451-6300 Veterans, Over 65, Disability (631) 451-6307
STAR Exemption – Basic (631) 451-9051 STAR Exemption – Enhanced (631) 451-9051

There are services that will grieve your taxes for you - but you can easily do it yourself. The assessor, Jim Ryan is a wonderful guy.

Hope this helps.
0 votes Thank Flag Link Sat Jan 9, 2010
If you apply and qualify for the STAR program, that will lower your taxes as well (this is done after closing).

http://www.orps.state.ny.us/star/index.cfm

Robbie L. Vaughn, Esq.
Long Island Real Estate Lawyer
70 West Main St.
East Islip, NY 11730
631-277-4907 (Phone)
631-277-4908 (Fax)

Disclaimer:
No Attorney-Client or Broker-Client relationship is formed until we have a signed agreement. This is not legal advice. Please verify any and all information provided to you.
Web Reference: http://Rlvaughnlaw.com
0 votes Thank Flag Link Fri Jan 8, 2010
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