Trying to figure out property tax

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Trying to figure out property tax

Post by Faisal » Wed Dec 20, 2017 12:51 pm

So I am looking to buy a home in Westchester Count, NY for the family. I am trying to figure out the property tax rates of the different school districts in the county. I have tried to google to figure out how to calculate the tax rate based on the below links and my brain has failed me miserably.

https://www3.westchestergov.com/images/ ... xRates.pdf

The link lists Tax rate per 1,000 which makes no sense to me for school districts.

If that doesn't help here is the tax rate per 1,000 for the towns.

https://www3.westchestergov.com/images/ ... xRates.pdf

Thank you in advance.

scifilover
Posts: 271
Joined: Sun Apr 14, 2013 12:56 pm

Re: Trying to figure out property tax

Post by scifilover » Wed Dec 20, 2017 4:11 pm

That is the rate per $1000 of assessed value for the property.

Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Trying to figure out property tax

Post by Faisal » Wed Dec 20, 2017 4:52 pm

Oh that makes sense. So the formula to calculate the property tax on a 500,000 home in say Eastchester would be:

(500,000/1000)*35.099500 - the rate per $1000 correct?

So that would be mean an annual 17549.75 in property taxes?

Nyc10036
Posts: 391
Joined: Wed Oct 05, 2016 6:29 pm

Re: Trying to figure out property tax

Post by Nyc10036 » Wed Dec 20, 2017 4:57 pm

The assessed value is not equal to the sale price.

https://www.tax.ny.gov/pit/property/propertyowners.htm

User avatar
dm200
Posts: 22405
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Trying to figure out property tax

Post by dm200 » Wed Dec 20, 2017 5:28 pm

Also, keep in mind, that in some jurisdictions (such as mine in Virginia) there is one real estate tax that includes funding the schools).

In others, such as much of NY state, there is a county real estate tax AND a school district real estate tax.

Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Trying to figure out property tax

Post by Faisal » Wed Dec 20, 2017 5:56 pm

Dm200 oh wow. Thank you for mentioning that. I did not know that. That changes the whole dynamic abput buying in westchester county.

Nyc10036 i am aware of that and sometimes homes are not assessed for years. I was just looking at how to calculate the taxes on an assessed home of certain value.

barnaclebob
Posts: 3969
Joined: Thu Aug 09, 2012 10:54 am

Re: Trying to figure out property tax

Post by barnaclebob » Wed Dec 20, 2017 6:11 pm

Usually zillow and redfin will list prior year tax costs. You can use that to get a pretty good idea assuming no gigantic increases.

mouses
Posts: 3905
Joined: Sat Oct 24, 2015 12:24 am

Re: Trying to figure out property tax

Post by mouses » Wed Dec 20, 2017 9:33 pm

In my area when a house is sold, it's assessed value changes to the sale price.

sport
Posts: 8567
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Trying to figure out property tax

Post by sport » Wed Dec 20, 2017 9:49 pm

Every area has its own rules. In my county, the value for tax assessment is about 1/3 of the market value. So, if you used the published tax rate times the market value, your answer would be about 3 times as high as it actually is.

User avatar
dm200
Posts: 22405
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Trying to figure out property tax

Post by dm200 » Thu Dec 21, 2017 10:25 am

Faisal wrote:
Wed Dec 20, 2017 5:56 pm
Dm200 oh wow. Thank you for mentioning that. I did not know that. That changes the whole dynamic abput buying in westchester county.

Nyc10036 i am aware of that and sometimes homes are not assessed for years. I was just looking at how to calculate the taxes on an assessed home of certain value.
I do not know the details of Westchester County.

It has been a long time since I lived in NY State, but (to add to the confusion/complexity) there is also something called the "equalization" rate or ratio. Where there are multiple "towns" (or townships) in a county, the assessments from one town to another can vary in relationship to the best valuation - so they may apply an "equalization" ratio to the assesed (taxed) value. Check that out as well.

Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Trying to figure out property tax

Post by Faisal » Thu Dec 21, 2017 10:38 am

Basically it seems I will need to find a real estate agent who also has a solid grasp of the taxes, property, school and all the rest. Now to figure out where to find one.

Thank you all for your advice and information. It is very helpful.

pshonore
Posts: 6667
Joined: Sun Jun 28, 2009 2:21 pm

Re: Trying to figure out property tax

Post by pshonore » Thu Dec 21, 2017 10:50 am

Faisal wrote:
Wed Dec 20, 2017 4:52 pm
Oh that makes sense. So the formula to calculate the property tax on a 500,000 home in say Eastchester would be:

(500,000/1000)*35.099500 - the rate per $1000 correct?

So that would be mean an annual 17549.75 in property taxes?
Don't think thats correct; using that formula same property in Mt Vernon would be almost 200K.

DorothyB
Posts: 104
Joined: Wed Oct 17, 2012 6:17 pm

Re: Trying to figure out property tax

Post by DorothyB » Thu Dec 21, 2017 10:57 am

Down here in Texas, the amount of the tax is "defined" the same way. My school tax is $1.44 / $1,000 HOWEVER here we get a homestead allowance. If we are actually living in the home, then we take the taxable value (often the purchase cost the first year) and then subtract 20% of that amount prior to doing the tax calculation. For me, my home is valued at $332,665 so my homestead allowance is $91,533 and my annual tax is (332,665 - 91,533) / 1000 x 1.44 or $3,472.30

Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Trying to figure out property tax

Post by Faisal » Thu Dec 21, 2017 11:50 am

pshonore wrote:
Thu Dec 21, 2017 10:50 am
Faisal wrote:
Wed Dec 20, 2017 4:52 pm
Oh that makes sense. So the formula to calculate the property tax on a 500,000 home in say Eastchester would be:

(500,000/1000)*35.099500 - the rate per $1000 correct?

So that would be mean an annual 17549.75 in property taxes?
Don't think thats correct; using that formula same property in Mt Vernon would be almost 200K.
I found that confusing as well. Some have a really high number up to 350 for 1000 dollars. I guess will just have to figure it out when we see homes.

DorothyB thank you for the information. This appears to be more complicated than I thought. I am just going to have to call up the tax assessor of each town we are looking at to see the taxes.

User avatar
dm200
Posts: 22405
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Trying to figure out property tax

Post by dm200 » Thu Dec 21, 2017 12:04 pm

Some jurisdictions state the rate per thousand dollars of assessed valuation, while other jurisdictions state the rate per hundred dollars of assessed valuation.

pshonore
Posts: 6667
Joined: Sun Jun 28, 2009 2:21 pm

Re: Trying to figure out property tax

Post by pshonore » Thu Dec 21, 2017 12:45 pm

Faisal wrote:
Thu Dec 21, 2017 11:50 am
pshonore wrote:
Thu Dec 21, 2017 10:50 am
Faisal wrote:
Wed Dec 20, 2017 4:52 pm
Oh that makes sense. So the formula to calculate the property tax on a 500,000 home in say Eastchester would be:

(500,000/1000)*35.099500 - the rate per $1000 correct?

So that would be mean an annual 17549.75 in property taxes?
Don't think thats correct; using that formula same property in Mt Vernon would be almost 200K.
I found that confusing as well. Some have a really high number up to 350 for 1000 dollars. I guess will just have to figure it out when we see homes.

DorothyB thank you for the information. This appears to be more complicated than I thought. I am just going to have to call up the tax assessor of each town we are looking at to see the taxes.
A call to the Tax Collector in the towns might be the answer. There may even be info on their websites. In my town, all tax bills are available on line and even shows who paid and who has not.j

Post Reply