• Greater Binghamton Office
    (607) 757 2100
  • Penn Yan Office
    (315) 536 7456

5 Property Tax Questions You Need to Ask

How many bags of money will you need to pay your property taxes?There are a lot of expenses involved in your home purchase and your mortgage and homeowner's insurance won't be your only bills. Property taxes can add up, especially in New York State. Here are a few property tax tips to keep in mind when searching for your next home:

1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.

2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.

3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.

4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.

5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over. In New York, check for STAR exemptions.