8 Factors That Affect Your Property Taxes

What really makes your property taxes higher or lower?

There are actually many factors involved in how much your annual property tax bills are. Here are some of them.

1. Property Value

Your property tax bill is based on the value of the property. More specifically, the tax assessed value of your property. This may be higher or lower than the appraised value for sales purposes. Though it is important to keep in mind that the transfer of ownership and nearby sales price trends can have a big impact on this.

2. Size

Size plays a big role in value. This can include lot size, total building size and livable square footage under air conditioning.

3. Bedroom Count

Another of the most influential factors in value is how many bedrooms your property has. Following this are bathroom and total room counts, as well as garages.

4. Location, Location, Location

As with all things real estate location is a big deal. Being in NY and on Long Island already carries some of the highest property tax rates in the country, and world. The county, city, town and lot your are on can all make a sizable difference.

5. Local School Budgets

A big part of your annual property tax bill is made up of school district taxes. They are one of the most controversial parts of taxes, and often one of the fastest rising parts of your tax rate.

6. Emergency Funding

Property taxes are often raised when there is an emergency. Major storms, blizzards and hurricanes are a great example of this. When authorities need extra money, they go to the local taxpayers to provide it.

7. Local Services

Law enforcement, public infrastructure, development, and tax breaks given to developers are all costs that factor into your taxes.

8. Whether You’ve Challenged Your Bill

Often biggest difference in local tax bills on Long Island is whether home and business owners have challenged their tax assessments and bills or not. If you don’t like how high your bill is now, your first step should be calling a local property tax adjuster to see how much you can save by simply having them file an appeal for you.

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Testimonials

“I have saved on my own real estate taxes for many years. As well, any clients I have referred have also saved on their taxes and advised they were very happy with the service and results received from Property Tax Adjusters. It is without hesitation that I refer interested persons, friends and clients alike, to Property Tax Adjusters for assistance on reducing their taxes.”
Herbert G. Pitkowsky, Esq.