6 Reasons Your Property Tax Bill May Be Wrong This Year

Blog April 9, 2024 By Tim

Almost half of all Long Island property tax bills are wrong each year. They are often grossly over inflated. Many property owners never think to challenge them. 


Why overpay? Surely there is something else you can devote those funds to. 


Here are six reasons that your annual property tax bill could be wrong again this year. 


  1. Technical Mistakes


By now we’ve all discovered that technology has both its pros and cons. It’s not uncommon for mistakes to find their way into property data too. 


Incorrect bedroom, bathroom, or square footage counts can all lead to over inflated tax bills. Be sure to review your tax assessment for accuracy before paying your bill. 


  1. Poor Comp Choices


Tax assessors use the values of other similar properties to determine your property’s value and tax bill. 


This relies on accurate sales data. If neighbors are involved in fraud and artificially inflated sales, are conducting non arms length transactions, or assessors aren’t using the most relevant and recent comps, it can negatively impact you.


  1. Fraud


Internal fraud, including sweetheart deals for friends and relatives involved in the tax system, can lead to unfair jumps in property tax bills after buying a new property. 


  1. Failure To Update Records


The county property appraiser’s office ought to regularly inspect properties and update information. When they don’t, important tax breaks and exemptions you are due can be lost. 


  1. Not Providing Exemptions You Are Eligible For


Each year property owners can be eligible for for a variety of tax break and exemptions. There are annual deadlines for filing for exemptions, and renewing them. Don’t let your property tax exemptions be stripped away unfairly. 


  1. Your Home Value Has Decreased


Your property tax bills shouldn’t always go up. If your property value goes down, so should your bill. 


This can happen when there is a downturn in the real estate market, when neighbors sell cheap out of distress and there are surges in foreclosures, if there are major changes in the neighborhood, or your property suffers fire, storm, flood, or other damage. 


If you aren’t confident your property tax bill is accurate, or you are getting all the breaks that you deserve, contact Property Tax Adjusters, Ltd. to find out how much you could be saving, and get the help you deserve.