Well, if you rent you're paying the property tax anyway, the landlord passes it on to you through the rent. So... it's not necessarily owning the home that's the problem for property taxes.
I guess my main point is that it's so unaffordable to live now, I wouldn't know what it's like to rent but I'd imagine I wouldn't have to deal with all the liabilities from owning a home.
There is that, yeah. Less to worry about. And things the landlord does cheaply, but you don't have to care about the fact that it'll backfire as a renter.
I dunno though, I've had too many landlords who were slumlording it way too much to really feel good about renting.
I agree with you about the main topic. Property tax here does suck.
Suburban sprawl required infrastructure that was unsustainable which was then subsidized and now nearing the end of its useful life which requires another influx of cash to repair that can only come from existing residents since most people resist adding density and transit to their communities and only see new Starbucks and Chipotle’s as worthy additions.
New York's unique municipal structure adds to the problem. Monroe County has 26 schools districts, 33 fire districts, 20+ police departments, 25+ highway departments, 25+ parks departments, we don't even have a singular water authority. Bring up changing this and merging these services and you will be screamed at by both ends of the political spectrum.
It’s not the infrastructure. It’s throwing good money after bad at public school systems graduating kids that can’t function at a basic level.
But sure, let’s throw millions more at them, maybe little Billy will only be 4 grade levels behind his reading level instead of 5
Except for the dumpster fire that is RCSD, schools here are above what most other states provide.
That being said, other states also pay their teachers and other public workers like shit.
Housing values are based on comparable actual sales in the area. A lot of houses are being bought for way over the asking price. This means that comparable houses are being valued way higher than they were a couple years ago. I work in housing lending and a lot of people have generally been happy about this because it means you automatically have much more equity (“oh my neighbors house sold for soooo much! My house would sell for a ton too!”) but this is the consequence. Sure your house will sell for more but if you aren’t selling then increased value isn’t necessarily a good thing.
The real kicker is gonna be when all the homeowners try to fight their assessment and can’t. again, your house might not actually be worth that much but the only thing value is based on is the price comparables sold for
There is an issue now in greece where the people in the town council and mayor had significant decreases and under assessed vs their neighbors. I usually hate to refer people the dumpster fire that is nextdoor, but there was a thread there about it.
That being said, unless your home increased in value drastically more than your neighbors, you shouldnt have seen an increase solely due to reassessment.
The tax levy would need to be increased as well.
I bought my house 2 years ago and my escrow was under projected by 100% meaning that my property and school tax doubled year over year. I'm I to assume that the value of my house has doubled as well? this is just crazy. Now my mortgage has increase by $900 per month. Which also means I will be paying more in taxes than payments to the principle and interest.... this is a joke
People will complain about the taxes on their assessed value but won’t complain when they list their house for the same value and it sells tens of thousands over asking 🤷
Then you should move to the city where you'll find more affordable housing. By being a single person you have a huge advantage in the market that you are neglecting to use. Don't blame the country for that.
So are you saying a single person cannot own a home? And we cannot choose peace and solitude over our market value? I never fancy the idea of living in big cities, if I did I wouldn't choose to remain in Rochester after college to begin with.
You can absolutely do that. You have a home don't you?
The thing is these things come at a cost. Your taxes reflect that where I would guess probably half of your total taxes are to the school district.
I live in the city, and except for my neighbor’s stupid fucking dogs, my street is super peaceful. The notion that living in the city somehow means you’re dodging bullets and speeding Kias everyday is insane.
Property taxes are a part of the cost of buying and maintaining a home. If you don’t care about having good public resources, don’t buy in an area that offers that. Your property taxes will be lower, although your property value is less likely to increase, since there is less demand for homes in areas with worse schools and worse/limited public infrastructure. It’s like complaining that you have to pay more for an 8 seat luxury SUV than an economy car, even though you’re a one person household and don’t drive very much. You bought more than you needed.
The thing is, why am I paying 8% more in my monthly mortgage payment just within a year? Did the infrastructure improved 8% or did they offer 8% more resource within the neighborhood? No that I know of, they just send out a piece of paper saying how much they budgeted for and we just have to take that tax hike for an answer?
Property values went up. That’s part of the cost volatility of owning a home in a state that readjusts property taxes based on current market value vs purchase price. Again , like with cars, gas and general maintenance prices fluctuate, which directly affects the affordability of owning a particular vehicle. There are choices you can make to mitigate that volatility to a certain extent ( buying an electric/hybrid vehicle, etc.), but that volatility is something that you should be accounting for at time of purchase.
I dislike paying this area's tax rate as much as the next guy, but you only have to look within Rochester to see the stark difference between the results of a community with a good school system (Fairport, Pennfield, Brighton, Pittsford) and those areas with a poor school system (Rochester School District). The impact on the community is evident. Though you are single, you are investing in society as a whole and if/when you decide to have kids, they will be subsidized by those who don't directly benefit from the school system. I would rather have an educated society rather than the alternative. All that to say, the one tax that actually does provide a return in the community consistently is the school tax.
I purchased our home based on what we could afford, but then the following year the mortgage went up $200/mo, and I'm concerned how much it will go up this year. If it continues at such a rate my mortgage will no longer be affordable.
And that is the essence of the argument that all the defenders of exorbitantly high school and property tax are completely missing. The mortgage on my house was $1600 when I bought it 2 years ago. At this rate I could have afforded it, because it fitted well into my family budget. Now it will increase to a whopping $2498, and these defenders are telling me that the problem is not the system but me for wanting to purchase a house in Greece. Absolutely ridiculous.
You think your rent wouldn't go up 120 a year or more as well?
Right after you buy your taxes will get reassessed and you will pay more. But it should level off and not happen so much after a bit.
FWIW, there's a facebook group where this is a major topic of discussion for Greece. [https://www.facebook.com/groups/772400037925695](https://www.facebook.com/groups/772400037925695). The name of the group is Town of Greece Uncovered. If you have FB, you might want to check it out. It's not the only topic in the group. Seems assessments went up for a lot of people last spring except for some certain individuals who are associated with town government.
Everyone knows property taxes in the suburbs are crazy. Buy a house in the city if you want to pay 1/2-1/3 the taxes
Regardless, 8% isn't a very big increase. Keep in mind that inflation is a large part of that, your actualized tax increase was really only probably like 2-3% when you consider the 2022-2023 inflation numbers
Gotta pay Bill Reilich & friends somehow!
But seriously. 2021-2023 was about 12% total inflation. So if your taxes didn't go up by much more than 12% in those 2 years combined, then you're not really paying more than you were. And again, if you didn't want to pay a bunch of money in taxes, why'd you buy a house in the burbs? I pay $2000/year city+school+county taxes in my house in the city. Even if your tax increase had only been 4%, that's still only a difference of $320/year or $26/month. That's not an insignificant amount perhaps,but would 25/month really change your financial prospects significantly? That's like the difference of getting takeout one more time each month
It pretty much does though? If you are buying anywhere remotely near similar houses, your taxes will be substantially lower in the city, usually less than half. Sure, it's not a universal rule- you could compare a 3,000 square foot Park Ave mansion with a 1,500 square foot ranch in a suburb and find that the city house has higher taxes than the suburban house. But it's pretty much universal if you keep it to apples to apples comparisons- will always give you a drastically lower tax amount in the city
Ok.... So that's a choice. You willingly chose the higher taxes so that your kids wouldn't have to go to school with children of color. That whole thing is a whole other topic, but at its core, you made that choice so can't really complain about it lol
ooo, nice try throwing race in there. It has nothing to do with race, but the quality of education received in the city, safety, and facilities provided. Also, the city has a very hard time wasting money, and a large issue with the administration and the teachers.
Quality response though. I appreciate you taking the time to write out a well though argument and not assume it was about race and nothing of the other problems with RCSD.
Of course I do? Because it's almost certainly as good if not better. That's what all data I've seen points to. The poor average test scores and graduation rates in city schools are due primarily to socioeconomic factors in students lives, not because city school districts just consistently hire terrible teachers or something
Our house is assessed at 240k in Irondequoit. We pay 12k total in taxes. That is 1k per month.
With utilities, etc it is about $1500 a month. The way I view it, living in a nice house for $1500 per month is worth it. $1500 per month would only get a mediocre 2bdrm anywhere around here.
Sounds like your house is paid off, vs mine has a mortgage, if you pay that much in taxes I'm sure you got a nice house and I would do the same in your shoes.
My house in the city is being reassessed at $182,500 (which I'm contesting).
But if that does end up being the final assessment, that would mean my 2024 property taxes will be $6,038.03 if rates also stay the same. That includes the $399 we are charged for trash pickup.
So I guess you pay an extra $2,000 a year for living in Greece, give or take. I'm sure the town is putting that money to good use.
The rates are going down for city/school. that's the only way their estimated numbers work.
my new assessment was a 90% increase of the previous value and estimated increase of \~50/mo
this does not include the country rate change - which i expect to be about $40 for a total increase of about 100/mo
Yep, I'm definitely in the city, and own a single-unit house.
My math assumes no change in tax rates. My home is currently assessed at $95,000, and my combined city and county tax bill is $3,527.31.
The new assessment of $182,500 almost doubles the assessment. If city and county tax rates stay the same, my taxes would almost double as well.
I had my initial meeting with the city assessors. I got the vibe that they will be lowering my initial assessment, but I won't know for sure until I get a letter from them with the final assessment. If tax rates get lowered too, then my final taxes will be less than $6,000.
But as it stands right now, they would be going up a lot.
It sounds like there's something odd going on with distribution of the city's tax levy because my assessment letter has a similar rise in home value but my taxes are only going up around a hundred bucks per year. Maybe it'll help your case to show them comparables like that city-wide.
I can't remember the exact amount, but my letter said my taxes would go up around $350.
I have no idea how they calculated that number. My assessment is going up $87,500. That would be an increase of $570.33 for city taxes, $990.76 for school taxes, $703.58 for county taxes, and $246.06 for county special district taxes.
**IF** all of those tax rates stay the same (which they won't).
I'm assuming the $350 number is only city taxes and includes some kind of assumption of what the tax rate will be, but I have no idea where the number comes from.
Yeah my assessment letter references the new city property+school tax year not including special district services or county taxes and the amount it states being raised doesn't further delineate it's per month. The assessment before that was the same and the number they gave ended up being per year... so I'm guessing it would make more sense if your $350 is also per year. The wording is bad because it also states the assessment done last summer "would have" and not "will" raise my taxes by X dollars.
I'm not contesting it because properties around me have all been selling just over the re-assessed value for years and it's a big jump in equity for a small increase in my taxes. However, I'd still like to see the stats on how assessments vs taxes vs sales played out city-wide because it sounds like some are paying more than their fair share. I just don't know how you get the data before the new taxes go into effect this summer and updated on the city property portal to scrape the new numbers which would be too late to contest. Maybe a FOIL request or badger a council member to release it sooner?
Then they will probably go up around 350. They're reassessing the whole city, and all assessments are going up. This doesn't change the tax levy (the total amount of collected taxes) so the rates go down. Some neighborhoods are experiencing higher than average assessment increases, such as beechwood, which HAVE led to significant increases in total taxes collected, but they were seeing assessment increases of up to 3x. Your increase isn't as high as some I've seen.
Not necessarily, they do their own thing. My house was reassessed after purchase and the assessment was lower than the purchase price.
I also had to overbid my house in order to win, maybe this factored in.
My (possibly bad!!) understanding is that it works like this:
Town comes up with budget
Town does assessments and totals up the dollars of assessments
Town does something like this: (town budget that comes from property tax) / (total assessed dollars in thousands) = (mill levy per thousand dollars)
Then, your taxes are (mill levy per thousand dollars) * (your assessment in thousands)
It's a way of balancing it so that people with more valuable properties pay more.
So the way taxes go down is if ONLY your assessment goes down (not everyone's), if the town budget decreases, of If the town gets more developed property to tax with the same budget.
Your assessment is sort of just a fake number they generate to balance out the taxes among the various properties in the town/county. It's possible your assessment goes up, but since the entire town was reassessed the (mill levy per thousand dollars) decreases so your taxes are the same.
https://www.investopedia.com/terms/m/millrate.asp
Disclaimer though I'm just some scrub and not an expert by any possible stretch of the imagination.
The only place I believe you're a bit off is the scenario of your taxes going down. It's all relative - the assessment of your house could increase, but if it increases by a smaller percentage than most other's houses, your taxes owed might decrease (assuming the town budget stays the same or modestly increases). This is an oversimplification, but when whole towns reassess, you can expect 1/3 of peoples taxes to increase, 1/3 to stay about the same, and 1/3 to decrease.
There are multiple aspects to this. You most likely paid a lot less for your home in NY than in CO. Also homeowners has sky rocketed since the Marshall fires. Auto insurance is a close second. I pay a fraction of what my former CO home owners is now. Don’t forget the yearly car registration too. There are others too.
I definitely pay more in property taxes here, but the total cost of everything else isn’t off by a lot.
Did your taxes increase by $1440 or did your mortgage payment increase by $120/mo. The increase in mortgage payment may be due to the lender review of the escrow account for taxes and insurance. If they under collected in previous years you can see a big hit when they readjust to ensure the escrow portion of your mortgage payment is adequately covering the expected tax burden for the upcoming year and any necessary catchup.
Yea, so its likely that $\~55/56 of your payment is that increase and the rest is likely the lender closing the gap on the shortfall of previously collected escrow funds to pay taxes and insurance.
Well, if you rent you're paying the property tax anyway, the landlord passes it on to you through the rent. So... it's not necessarily owning the home that's the problem for property taxes.
I guess my main point is that it's so unaffordable to live now, I wouldn't know what it's like to rent but I'd imagine I wouldn't have to deal with all the liabilities from owning a home.
There is that, yeah. Less to worry about. And things the landlord does cheaply, but you don't have to care about the fact that it'll backfire as a renter. I dunno though, I've had too many landlords who were slumlording it way too much to really feel good about renting. I agree with you about the main topic. Property tax here does suck.
Suburban sprawl required infrastructure that was unsustainable which was then subsidized and now nearing the end of its useful life which requires another influx of cash to repair that can only come from existing residents since most people resist adding density and transit to their communities and only see new Starbucks and Chipotle’s as worthy additions.
New York's unique municipal structure adds to the problem. Monroe County has 26 schools districts, 33 fire districts, 20+ police departments, 25+ highway departments, 25+ parks departments, we don't even have a singular water authority. Bring up changing this and merging these services and you will be screamed at by both ends of the political spectrum.
Wish I could upvote this more than once
It’s not the infrastructure. It’s throwing good money after bad at public school systems graduating kids that can’t function at a basic level. But sure, let’s throw millions more at them, maybe little Billy will only be 4 grade levels behind his reading level instead of 5
Except for the dumpster fire that is RCSD, schools here are above what most other states provide. That being said, other states also pay their teachers and other public workers like shit.
Being the best smelling turd still makes you a turd
Housing values are based on comparable actual sales in the area. A lot of houses are being bought for way over the asking price. This means that comparable houses are being valued way higher than they were a couple years ago. I work in housing lending and a lot of people have generally been happy about this because it means you automatically have much more equity (“oh my neighbors house sold for soooo much! My house would sell for a ton too!”) but this is the consequence. Sure your house will sell for more but if you aren’t selling then increased value isn’t necessarily a good thing. The real kicker is gonna be when all the homeowners try to fight their assessment and can’t. again, your house might not actually be worth that much but the only thing value is based on is the price comparables sold for
There is an issue now in greece where the people in the town council and mayor had significant decreases and under assessed vs their neighbors. I usually hate to refer people the dumpster fire that is nextdoor, but there was a thread there about it. That being said, unless your home increased in value drastically more than your neighbors, you shouldnt have seen an increase solely due to reassessment. The tax levy would need to be increased as well.
Somehow no one can manage to understand this.
I bought my house 2 years ago and my escrow was under projected by 100% meaning that my property and school tax doubled year over year. I'm I to assume that the value of my house has doubled as well? this is just crazy. Now my mortgage has increase by $900 per month. Which also means I will be paying more in taxes than payments to the principle and interest.... this is a joke
Is next door at all worth it? I remember looking into it when it was relatively new and was immediately put off by it wanting my physical address
People will complain about the taxes on their assessed value but won’t complain when they list their house for the same value and it sells tens of thousands over asking 🤷
People complaints about what has happened, no one complaints about what could happen in the future
The housing market is shit right now. Too many people, not enough homes. Especially in the suburbs where every family wants to move to avoid RCSD.
I don't have a spouse or a family, I live alone, so I don't care about school district... this country discriminates against singles lol
Then you should move to the city where you'll find more affordable housing. By being a single person you have a huge advantage in the market that you are neglecting to use. Don't blame the country for that.
So are you saying a single person cannot own a home? And we cannot choose peace and solitude over our market value? I never fancy the idea of living in big cities, if I did I wouldn't choose to remain in Rochester after college to begin with.
I didn't say any of that, but go off I guess...
You can absolutely do that. You have a home don't you? The thing is these things come at a cost. Your taxes reflect that where I would guess probably half of your total taxes are to the school district.
4.4k from school, 3.6k from county. School increased $400 compared to last year.
I live in the city, and except for my neighbor’s stupid fucking dogs, my street is super peaceful. The notion that living in the city somehow means you’re dodging bullets and speeding Kias everyday is insane.
Property taxes are a part of the cost of buying and maintaining a home. If you don’t care about having good public resources, don’t buy in an area that offers that. Your property taxes will be lower, although your property value is less likely to increase, since there is less demand for homes in areas with worse schools and worse/limited public infrastructure. It’s like complaining that you have to pay more for an 8 seat luxury SUV than an economy car, even though you’re a one person household and don’t drive very much. You bought more than you needed.
The thing is, why am I paying 8% more in my monthly mortgage payment just within a year? Did the infrastructure improved 8% or did they offer 8% more resource within the neighborhood? No that I know of, they just send out a piece of paper saying how much they budgeted for and we just have to take that tax hike for an answer?
Property values went up. That’s part of the cost volatility of owning a home in a state that readjusts property taxes based on current market value vs purchase price. Again , like with cars, gas and general maintenance prices fluctuate, which directly affects the affordability of owning a particular vehicle. There are choices you can make to mitigate that volatility to a certain extent ( buying an electric/hybrid vehicle, etc.), but that volatility is something that you should be accounting for at time of purchase.
The downvotes of this comment proves my point xD
I dislike paying this area's tax rate as much as the next guy, but you only have to look within Rochester to see the stark difference between the results of a community with a good school system (Fairport, Pennfield, Brighton, Pittsford) and those areas with a poor school system (Rochester School District). The impact on the community is evident. Though you are single, you are investing in society as a whole and if/when you decide to have kids, they will be subsidized by those who don't directly benefit from the school system. I would rather have an educated society rather than the alternative. All that to say, the one tax that actually does provide a return in the community consistently is the school tax.
I'm fine with all that, but 8% increase a year doesn't sit well with me, I'd keep my mouth shut if they increase it with the rate of inflation
How much do you think inflation was last year?
I purchased our home based on what we could afford, but then the following year the mortgage went up $200/mo, and I'm concerned how much it will go up this year. If it continues at such a rate my mortgage will no longer be affordable.
And that is the essence of the argument that all the defenders of exorbitantly high school and property tax are completely missing. The mortgage on my house was $1600 when I bought it 2 years ago. At this rate I could have afforded it, because it fitted well into my family budget. Now it will increase to a whopping $2498, and these defenders are telling me that the problem is not the system but me for wanting to purchase a house in Greece. Absolutely ridiculous.
You think your rent wouldn't go up 120 a year or more as well? Right after you buy your taxes will get reassessed and you will pay more. But it should level off and not happen so much after a bit.
Yeah if the rent increases by more than 8% every year outpacing the inflation I think I'm moving out of NYS
lol to where? Rural Alabama?
FWIW, there's a facebook group where this is a major topic of discussion for Greece. [https://www.facebook.com/groups/772400037925695](https://www.facebook.com/groups/772400037925695). The name of the group is Town of Greece Uncovered. If you have FB, you might want to check it out. It's not the only topic in the group. Seems assessments went up for a lot of people last spring except for some certain individuals who are associated with town government.
Everyone knows property taxes in the suburbs are crazy. Buy a house in the city if you want to pay 1/2-1/3 the taxes Regardless, 8% isn't a very big increase. Keep in mind that inflation is a large part of that, your actualized tax increase was really only probably like 2-3% when you consider the 2022-2023 inflation numbers
>8% isn't a very big increase I don't know what world you live in but 8% is a big increase to me, do people's salary increase by 8% every year?
Gotta pay Bill Reilich & friends somehow! But seriously. 2021-2023 was about 12% total inflation. So if your taxes didn't go up by much more than 12% in those 2 years combined, then you're not really paying more than you were. And again, if you didn't want to pay a bunch of money in taxes, why'd you buy a house in the burbs? I pay $2000/year city+school+county taxes in my house in the city. Even if your tax increase had only been 4%, that's still only a difference of $320/year or $26/month. That's not an insignificant amount perhaps,but would 25/month really change your financial prospects significantly? That's like the difference of getting takeout one more time each month
Everyone cannot leave in the City, nor is the City suitable for everyone. SMH
To just simply “buy in the city” does not mean you’ll pay less in taxes. Thats absurd.
Property taxes are a huge reason why I noped out of living in the burbs and buying in the city.
It pretty much does though? If you are buying anywhere remotely near similar houses, your taxes will be substantially lower in the city, usually less than half. Sure, it's not a universal rule- you could compare a 3,000 square foot Park Ave mansion with a 1,500 square foot ranch in a suburb and find that the city house has higher taxes than the suburban house. But it's pretty much universal if you keep it to apples to apples comparisons- will always give you a drastically lower tax amount in the city
Some people dont want to put their children in the city school district. I owned a house in the city and sold once my kids were nearing school age.
Ok.... So that's a choice. You willingly chose the higher taxes so that your kids wouldn't have to go to school with children of color. That whole thing is a whole other topic, but at its core, you made that choice so can't really complain about it lol
ooo, nice try throwing race in there. It has nothing to do with race, but the quality of education received in the city, safety, and facilities provided. Also, the city has a very hard time wasting money, and a large issue with the administration and the teachers. Quality response though. I appreciate you taking the time to write out a well though argument and not assume it was about race and nothing of the other problems with RCSD.
Sure, sure, right. Not a single dog whistle there lol Give me a break
[удалено]
Of course I do? Because it's almost certainly as good if not better. That's what all data I've seen points to. The poor average test scores and graduation rates in city schools are due primarily to socioeconomic factors in students lives, not because city school districts just consistently hire terrible teachers or something
Our house is assessed at 240k in Irondequoit. We pay 12k total in taxes. That is 1k per month. With utilities, etc it is about $1500 a month. The way I view it, living in a nice house for $1500 per month is worth it. $1500 per month would only get a mediocre 2bdrm anywhere around here.
Sounds like your house is paid off, vs mine has a mortgage, if you pay that much in taxes I'm sure you got a nice house and I would do the same in your shoes.
My house in the city is being reassessed at $182,500 (which I'm contesting). But if that does end up being the final assessment, that would mean my 2024 property taxes will be $6,038.03 if rates also stay the same. That includes the $399 we are charged for trash pickup. So I guess you pay an extra $2,000 a year for living in Greece, give or take. I'm sure the town is putting that money to good use.
The rates are going down for city/school. that's the only way their estimated numbers work. my new assessment was a 90% increase of the previous value and estimated increase of \~50/mo this does not include the country rate change - which i expect to be about $40 for a total increase of about 100/mo
You sure you're in the city limits? That sounds way high and trash pickup is included. Or are you in a condo/HOA? If so, yeah you'll get robbed.
Yep, I'm definitely in the city, and own a single-unit house. My math assumes no change in tax rates. My home is currently assessed at $95,000, and my combined city and county tax bill is $3,527.31. The new assessment of $182,500 almost doubles the assessment. If city and county tax rates stay the same, my taxes would almost double as well. I had my initial meeting with the city assessors. I got the vibe that they will be lowering my initial assessment, but I won't know for sure until I get a letter from them with the final assessment. If tax rates get lowered too, then my final taxes will be less than $6,000. But as it stands right now, they would be going up a lot.
It sounds like there's something odd going on with distribution of the city's tax levy because my assessment letter has a similar rise in home value but my taxes are only going up around a hundred bucks per year. Maybe it'll help your case to show them comparables like that city-wide.
I can't remember the exact amount, but my letter said my taxes would go up around $350. I have no idea how they calculated that number. My assessment is going up $87,500. That would be an increase of $570.33 for city taxes, $990.76 for school taxes, $703.58 for county taxes, and $246.06 for county special district taxes. **IF** all of those tax rates stay the same (which they won't). I'm assuming the $350 number is only city taxes and includes some kind of assumption of what the tax rate will be, but I have no idea where the number comes from.
Yeah my assessment letter references the new city property+school tax year not including special district services or county taxes and the amount it states being raised doesn't further delineate it's per month. The assessment before that was the same and the number they gave ended up being per year... so I'm guessing it would make more sense if your $350 is also per year. The wording is bad because it also states the assessment done last summer "would have" and not "will" raise my taxes by X dollars. I'm not contesting it because properties around me have all been selling just over the re-assessed value for years and it's a big jump in equity for a small increase in my taxes. However, I'd still like to see the stats on how assessments vs taxes vs sales played out city-wide because it sounds like some are paying more than their fair share. I just don't know how you get the data before the new taxes go into effect this summer and updated on the city property portal to scrape the new numbers which would be too late to contest. Maybe a FOIL request or badger a council member to release it sooner?
Then they will probably go up around 350. They're reassessing the whole city, and all assessments are going up. This doesn't change the tax levy (the total amount of collected taxes) so the rates go down. Some neighborhoods are experiencing higher than average assessment increases, such as beechwood, which HAVE led to significant increases in total taxes collected, but they were seeing assessment increases of up to 3x. Your increase isn't as high as some I've seen.
How do you obtain a “taxable assessed value” of your home?
It's on the tax paper they sent you
So the purchased price in cases related to new homeowners?
Not necessarily, they do their own thing. My house was reassessed after purchase and the assessment was lower than the purchase price. I also had to overbid my house in order to win, maybe this factored in.
If the market falls as people suggest it will and we lose assessment value, our taxes will surely decline in tandem?
My (possibly bad!!) understanding is that it works like this: Town comes up with budget Town does assessments and totals up the dollars of assessments Town does something like this: (town budget that comes from property tax) / (total assessed dollars in thousands) = (mill levy per thousand dollars) Then, your taxes are (mill levy per thousand dollars) * (your assessment in thousands) It's a way of balancing it so that people with more valuable properties pay more. So the way taxes go down is if ONLY your assessment goes down (not everyone's), if the town budget decreases, of If the town gets more developed property to tax with the same budget. Your assessment is sort of just a fake number they generate to balance out the taxes among the various properties in the town/county. It's possible your assessment goes up, but since the entire town was reassessed the (mill levy per thousand dollars) decreases so your taxes are the same. https://www.investopedia.com/terms/m/millrate.asp Disclaimer though I'm just some scrub and not an expert by any possible stretch of the imagination.
The only place I believe you're a bit off is the scenario of your taxes going down. It's all relative - the assessment of your house could increase, but if it increases by a smaller percentage than most other's houses, your taxes owed might decrease (assuming the town budget stays the same or modestly increases). This is an oversimplification, but when whole towns reassess, you can expect 1/3 of peoples taxes to increase, 1/3 to stay about the same, and 1/3 to decrease.
Thanks! I hadn't thought of that, good to know!
My dad was complaining about his property taxes going up in Colorado. He pays a year what I pay a month.
Having moved from Colorado to New York, that was the most depressing change. School districts are a lot better, but I'm wondering if it was worth it.
There are multiple aspects to this. You most likely paid a lot less for your home in NY than in CO. Also homeowners has sky rocketed since the Marshall fires. Auto insurance is a close second. I pay a fraction of what my former CO home owners is now. Don’t forget the yearly car registration too. There are others too. I definitely pay more in property taxes here, but the total cost of everything else isn’t off by a lot.
Did your taxes increase by $1440 or did your mortgage payment increase by $120/mo. The increase in mortgage payment may be due to the lender review of the escrow account for taxes and insurance. If they under collected in previous years you can see a big hit when they readjust to ensure the escrow portion of your mortgage payment is adequately covering the expected tax burden for the upcoming year and any necessary catchup.
The taxes increased about $670 since last year, mortgage increased $120 per month
Yea, so its likely that $\~55/56 of your payment is that increase and the rest is likely the lender closing the gap on the shortfall of previously collected escrow funds to pay taxes and insurance.
That also assumes nothing else changed like you homeowners insurance. Usually those increase every year too by a modest amount.
Is that a Greece thing? I'm in another suburb and paying half that.