Before you move into a new location, checking up and doing some research on the taxes you will pay is a very responsible thing to do. Here is New York, Long Island is one of the popular places for people to buy property and move to. However, school property taxes are something that you should be ready for. Below, we will cover what you need to know about the school property tax rates in Long Island.
There are Two Long Island Counties
For starters, you need to be aware that Long Island is broken into two separate counties. These counties have different property appraisal processes and authorities. The tax bill also includes prices you need to chip in for your local school district.
School taxes are in the same annual tax bill. This way, you won’t have to expect separate taxes for property and school taxes. The median property tax bill in Suffolk County tends to be right around $9,500. Keep this information in mind while determining which county of Long Island will serve your needs the best. Note that this also includes the price needed for school property taxes.
In Nassau County, the median property tax bill is $14,872 according to state sources. In other words, the price of living in Nassau County will be much higher, on average, when taxes come in question. Especially if you live in an expensive district.
Rises are Capped by the State
Regardless of where you end up choosing to buy property, you should know that the school tax rate is capped in the state of New York. This rate is capped at a steady 1.8% rate for the 2020-2021 fiscal year. Therefore, prepare for rises in at least this percentage each year indefinitely at your new property location.
Your School Property Taxes Depend on Your County & District
To make a complete tax estimate, you will need to know which county and school district that you fall into. As we broke down above, living in Nassau County often means that you will pay larger amounts of taxes than those who live in Suffolk County Property Taxes.
Living in a Successful School District Can Be Costly
Syosset Central is a very successful schooling district located in Nassau County. Therefore, if you live in a district like this which constantly receives A+ ratings across the board, plan on paying the extra cost when it comes time to handle school property taxes!
Doing a Property Tax Grievance Can Save You Quite a Bit on Taxes
One of the best ways that you can minimize your burden of paying taxes is by doing annual property tax grievances. How this works is simple. Properties often receive appraisal values that are higher than their actual cost. When this happens, you will end up paying higher amounts of taxes. Therefore, consider hiring a company like Heller & Consultants Tax Grievance that don’t charge anything until they successfully lower your taxes.