Please help - urgent questions about real estate taxes.

kpny622 Posted: Nov 23, 2004 06:59 PM

Please help - urgent questions about real estate taxes.

If anyone knows anything about real estate taxes I'd really appreciate it.

Our Seller paid 8600 in real estate taxes without Star and told us Star reduced it by about 900 but they never applied. Well we got the title report and it says that taxes are 10,500 and Star will reduce it by only 600! It says the Sellers have an exemption (that goes away when title passes) but it doesn't say what the exemption is. It also says this includes school taxes.

My questions are -

Could the title report be wrong?

What could the exemption be?

Do you get money off school taxes if you have no kids in the schools?

Could taxes have gone up 2000 just recently?

I'm going to call the Town tomorrow, but I won't be able to sleep tonight!

cluelessbride Posted: Nov 23, 2004 07:03 PM

Re: Please help - urgent questions about real estate taxes.

Is the house in Nassau County? I read in the paper that Nassau homes went up drastically in some areas. Sorry I can't be of more help.

kpny622 Posted: Nov 23, 2004 07:07 PM

Re: Please help - urgent questions about real estate taxes.

It's Suffolk County, but thanks.

LisaT Posted: Nov 23, 2004 07:37 PM

Re: Please help - urgent questions about real estate taxes.

Could the title report be wrong? Not sure but its possible

What could the exemption be? There are various exemptions including Veterans and Senior exemptions. There's an enhanced star based on age and income.

Do you get money off school taxes if you have no kids in the schools? STAR is a reduction of school taxes (typically $900). But you don't get it based on whether or not you have kids - anyone's eligible.
STAR = School TAx Relief

kpny622 Posted: Nov 23, 2004 07:47 PM

Re: Please help - urgent questions about real estate taxes.

thanks....they are not seniors or veterans

but the fact that title says Star is only 590 leads me to believe that maybe there is some mistake...or maybe that's just my wishful thinking

dengal Posted: Nov 24, 2004 12:32 AM

Re: Please help - urgent questions about real estate taxes.

It's definately possible taxes went up that much. You have the right idea by calling the town. I forecasted my taxes without STAR, then used any reduction as 'bonus' money.

swags1016 Posted: Nov 24, 2004 05:46 AM

Re: Please help - urgent questions about real estate taxes.

Our taxes went up on our house when the house sold. I think they were paying 4800ish with STAR and a veterns exemption (could have been less) and we were told our taxes would be 6000 and some change. We just got our recepit that are STAR paper work has been filed so we'll see what it is going down to. But our RE told use that they taxes would go up 1000+ if not a little more upon the sale of the house. Hope that helps.

kpny622 Posted: Nov 24, 2004 07:22 AM

Re: Please help - urgent questions about real estate taxes.

I just don't understand why taxes would have gone up so much just because the house sold. I thought taxes were based on assessed value, not who owns the house. Does this mean that if this house sold every year, then in 5 years, taxes would be 15,000 on a street where every other house is only paying 7000?

dengal Posted: Nov 24, 2004 11:02 AM

Re: Please help - urgent questions about real estate taxes.

You are correct, taxes are bases on assessed value - before STAR, Veteran's, Fire Fighter, etc. discounts. Sometimes towns do a re-assessment at the time the house is sold. It's a very strange situation, isn't it? That's why I always guess high - you won't be caught off guard or short in the wallet.