New York Property Tax Reduction
New York property taxes rank among the highest in the country, especially those in and around NYC. With a combined value of over $1 trillion, New York City, along with suburbs like Nassau, Suffolk, and Westchester counties, boast some of the most desirable real estate on the planet, meaning that countless billions of dollars in taxes are levied every year. As costs continue to rise and the demand for this precious land increases, business owners and homeowners across the Empire State are looking for tax relief. Thankfully, there are several options to lower property taxes in New York, which could easily save you thousands of dollars a year.
Nassau County Property Tax Grievances
Key New York Tax Reduction Options
Depending on your circumstances and your property, you have many choices at your disposal, all of which you should explore to the fullest. Many of these can be combined to boost savings across the board, which has a huge impact on such a high-tax environment. If you are not utilizing these techniques, you are leaving serious money on the table.
- Exemptions: The most basic form of property tax reduction, every homeowner and business should maximize these. They include various homestead exemptions, along with those for people over 65, those with disabilities, veterans, and more.
- School Tax Relief Program (STAR): Get a reduction or a rebate on your school taxes. Comes in both a basic form and an enhanced model that brings greater benefits to seniors.
- Property Tax Grievances: These allow you to protest your assessment, which can lower your taxable value, potentially shrinking your tax burden significantly.
- Cost Segregation: Exclusively for businesses, this allows you to use depreciation of commercial property to extensively lower your federal income tax bills, which can pair with tax reductions to save you on two separate tax bills, boosting cashflow.
Grievances and Appeals are an Underutilized and Vital Aspect to Tax Reduction
Grievances allow you to question the assessor’s initial valuation of your property. When you protest commercial properties, these are known as appeals. While exemptions are the first step to only paying your fair share, grievances are something that homeowners should explore annually. Most businesses utilize them in this manner as a simple cost-saving measure, which is a strategy that often gets results. Grievances are open to all types of homeowners and can shrink your assessed value before exemptions even kick in. Likewise, businesses of all sizes in New York City can benefit from commercial appeals. Grievances can also resolve issues that no other tax reduction technique can, such as:
Correcting Basic Assessment Errors: Assessments can get vital information incorrect, such as the classification of a property, the number of rooms, or improvements that do not exist. Fixing these simple errors can save thousands.
Unequal Taxation: If your property is overvalued compared to similar properties in your neighborhood, a grievance can lower your assessment to be in line with your neighbors.
Inaccurate or Overvalued Appraisal: Property values and conditions can change rapidly and may not be accounted for in an assessment. Market value also changes greatly, and your property’s value could be severely overvalued. A grievance can be used to bring your taxable value in line with recent sales and closer to its true worth on the open market.
How O’Connor can Help with Grievances and Reductions
Getting simple errors resolved can usually be easily achieved but proving to the Board of Assessment Review (BAR) that your property is being overvalued inis a more complex matter. In Nassau County, the role of the BAR is taken by the Assessment Review Commission (ARC). To prove these complicated errors, you need significant research and evidence. This includes photos of your property, along with those you are comparing them to, plus their assessments. If you are trying to challenge market value, you must do all of the above and have the past three years of sales records. This not only uses an immense amount of time but also requires a unique skillset. Most laypeople are not equipped to deal with these issues, but our experts at O’Connor are.
With a branch office on Long Island, we have local experts on the ground that know how New York works when it comes to property taxes. This local talent is backed by one of the largest property tax firms in the nation and can call upon national resources at any time. This hybrid of national and local talent means we at O’Connor are equipped to deal with all issues like few other firms are.
Our local team will bring their expertise to your grievance and assist you in a myriad of ways:
- ✓ Analyze assessed value using current market and assessment data
- ✓ Compare similar properties within the same taxing jurisdiction
- ✓ Identify valuation inconsistencies or unsupported assumptions
- ✓ Assemble documentation required for an assessment grievance in New York
- ✓ File and manage grievances with the appropriate organization
- ✓ Act as your representative in hearings before the ARC and other organizations
- ✓ Coordinate litigation where necessary
Start Your Tax Reduction Journey Today
Our team is ready to help you achieve the tax reductions that you deserve. We focus on results, accountability, and clear communication to get you the best possible outcome. To make things even better, there are no upfront costs or hidden fees if you wish to enroll with us. In fact, you will only be charged a contingency fee if we are able to lower your taxes. This means that you have nothing to lose and everything to gain by letting us fight your taxes for you. We serve Suffolk, Westchester, and Nassau counties when it comes to residential grievances and commercial appeals. We also serve New York City, but only with commercial appeals currently.
New York Property Tax Frequently Asked Questions
- New York City: March 1 for commercial appeals, March 15 for residential grievances
- Nassau County: March 1 for residential and commercial
- Suffolk County: May 19 for residential and commercial
- Westchester County: June 16 for residential and commercial
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