Posts in category 'Real Estate Taxes'
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14
mARKET vALUE
ESTIMATE THE MARKET VALUE OF YOUR PROPERTY.New York City.
By MATHEW JOSEPH
You can do your own sales analysis from the actual sales recorded with the City of New York to arrive at an estimate of the market value. This information is available at the NYC Department of Finance website; search for Rolling Sales Data. The data is available in two formats, Excel, and PDF. The Excel format allows you to sort the data the way you want and compare your property with actual sales to arrive at an estimate of your property. These are the actual sale prices. The Department of Finance's Rolling Sales files lists properties that sold in the last twelve-month per...
28
Pay your property taxes over time.
Pay your property taxes over time.
By Mathew Joseph.
The Department of Finance of NYC offers flexible payment plans to help you manage your property tax payments over time, rather than paying the full amount upfront.
There are three types of payment plans available: the standard payment plan, the Property Tax and Interest Deferral (PT AID) payment plan, and the reduced interest payment plan.
To find the best payment option for you, please utilize NYC Department of Finance's payment plan...
19
STAR CREDIT
Are you eligible for STAR CREDIT?
By Mathew Joseph.
If you own your home, it's your primary residence, and your income is $500,000 or less, you're eligible for the Basic STAR credit. In addition, if you're 65 or older with an income of $98,700 or less, you may be eligible for the Enhanced STAR credit. Eligible new homeowners will receive their STAR savings in the form of a check or direct deposit directly from New York State. But you must register with the New York State Tax Department to receive a STAR credit. You can register 24 hours a day, 7 days a week at www.tax.ny.gov. Property owners without access to a computer can register by phone at 518-457-2036 weekdays between 8:30 a.m. and 4:30 p.m.
In the first year...
14
SMALL CLAIMS ASSESSMENT REVIEW (SCAR)
SMALL CLAIMS ASSESSMENT REVIEW (SCAR)
By Mathew Joseph
The Small Claims Assessment Review (SCAR) offers property owners a way to challenge their property assessments as determined by the Board of Assessment Review (for counties outside Nassau and New York City), the Nassau County Assessment Review Commission, or the New York City Tax Commission by filing a SCAR Petition. This process is a more affordable and informal alternative to a formal Tax Certiorari proceeding...
16
Talk to The Assessor
TALK TO THE ASSESSOR.
By Mathew Joseph.
The New York City Department of Finance assesses your property annually to determine your property tax bill. From July to October each year, Assessors and Assistant City Assessors conduct field inspections across neighborhoods to gather data on assigned properties. These inspections ensure accurate property characteristics are recorded for correct market value estimates. It is crucial to report any discrepancies to the Assessors promptly, especially if they might lower your assessed value and thus your taxes. For instance, if a building has been demolished or property dimensions are incorrect, this should be brought to their attention.
Commercial property owners must also provide income and expense information; otherwise, Assessors may estimate based on market data, potentially leading to inaccurate assessments. Your Notice of Property Value, received in January, details the assessed value determined by...
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