Reducing your Suffolk County property taxes is one of the easiest ways to save hundreds or even thousands of dollars a year. This easy guide will help to get you started:
1. Determine your starting assessed value. This may be done by either calling your local town assessor’s office or by looking at your most recent property tax statement for your “Assessed Value”. It is located on the upper left-hand side of the bill. See the example below if you have trouble finding your “Assessed Value” on your tax statement.
SAMPLE Report
2. Once you determine your “Assessed Value” you must then convert it to “Full Value”, you will need a calculator for this step. This may be done by dividing your assessed value by the dividing number for your local township, see table and example below.
Brookhaven .0095% • Huntington .0079% • Islip .1320% • Smithtown .0137% • Babylon .0123% • Riverhead .1598% • Southampton 100% • East Hampton .0073% • Southold .0118%
If you live in the Town of Brookhaven, as I do, you would divide your assessed value, let’s say it’s 5,000 by .0095%=$526,316. That means that your “Full Value” is $526,316.
3. Now that you have determined your “Full Value” you may now move to the 3rd step to determine your “Estimated Market Value”. This step may be accomplished by either utilizing a recent appraisal on your home, using a web real estate valuation tool like Zillow or by contacting a local real estate agent.
4. If you determine that your “Full Value” exceeds your “Estimated Market Value”, then you must file a tax grievance. This can be done by either visiting your local Assessor’s office and filling out a “Tax Grievance Petition” or by contacting a local Tax Grievance Firm to handle your case for you. Be sure to hire a firm that charges no upfront fees and uses a licensed appraiser.
5. Know that the Suffolk County filing deadline is always the 3rd Tuesday in May, this year it is May 16, 2023.
Bottom Line:
If you believe you have a tax grievance case it may be a great opportunity to get a property tax reduction. The friendly staff at Heller & Consultants Tax Grievance are available during the week, year-round from 9-5 to answer any questions you may have if you are considering filing for a reduction.