Some see property taxes as a necessary evil, but many state and local governments rely on that revenue to fund their services. But you only have to pay your fair share. If you think your tax bill is too high, contact a property attorney in Queens, NY at the Albert Maimone & Associates, P.C., a local law practice located in College Point, Queens. These expert property tax lawyers serve all five NYC boroughs, as well as Suffolk and Nassau counties. Call today to get the most out of your real estate investment in New York City.
What Are Property Taxes?
A property tax refers to the tax you pay on immovable properties, such as land and buildings. Certain state and local governments, like New York and New York City, get much of their revenue from property taxes. All property taxes in New York State involves real estate property, not tangible personal properties such as cars or boats.
Your property tax is based on the value and location of your property. The taxes you pay to the state and the city fund infrastructure and services like police departments, schools, roads, fire and emergency medical services. In every jurisdiction, a governing authority calculates and collects the tax you pay as a property owner. Seek out an experienced property attorney at the Albert Maimone & Associates law practice to guide you through the maze of NYC real estate law, including:
How Are Property Taxes in NYC Determined and Used?
Property taxes account for New York’s largest source of income. The increases in the value of real estate in the city and the rest of the state continue to boost the percentage of property taxes funding public services. To understand property taxes in New York, consider:
- Municipal governments levy property taxes in New York State.
- An assessment of your property determines its market value.
- New York State uses millage rates, which correspond to $1 of tax for every $1,000 in property value.
- Regular property assessments form the basis of New York’s property tax system.
- In New York State, tax rates are applied to the assessed value of your home or business property.
- Property tax rates are recalculated every year.
- The Residential Assessment Ratio is the ratio between the assessed property value, which may not be current, and the current property market values.
- The collection of property taxes differs, depending on the locality. Some collect annually, while others collect quarterly.
New York State property taxes confuse some property owners. You may end up paying more than you have to because of an over-assessment of a property. A NYC property lawyer from Albert Maimone & Associates guides you through the complex structure of property taxes in New York so you pay only what’s right.
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Are Property Taxes in New York City High?
Unlike other taxes in New York City, property taxes are fairly low, with an average effective property tax rate of 0.88 percent, compared to 1.69 percent for the rest of the state. As of 2022, the average effective property tax rates throughout the city and the state included:
- Kings County (Brooklyn):66 percent
- Queens County (Queens): 0.88 percent
- Richmond County (Staten Island):92 percent
- New York County (Manhattan):95 percent
- Bronx County (The Bronx):98 percent
- Westchester County (north of Manhattan):62 percent
- Nassau County (east of Queens):11 percent
- Suffolk County (Long Island):37 percent
- Erie County (Buffalo):58 percent
- Onondaga County (Syracuse):80 percent
- Monroe County (Rochester):22 percent
If you’re a property owner in New York or you intend to sell or buy a property, work with a licensed property tax lawyer to saves yourself a lot of trouble. A property lawyer from the Albert Maimone & Associates law practice represents both individuals and businesses, providing the highest quality legal services without charging the big firm legal fees.
What Are the Property Tax Exemptions in New York?
Property tax exemptions save you money if your property qualifies. In New York, some properties are fully exempt, while others are partially exempt. Examples of NY property tax exemptions include:
- The School Tax Relief (STAR) exemption program
- Property tax exemptions for churches and other religious organizations
- Property tax exemptions for historic preservation
- Properties owned by religious organizations or governments
- Senior Citizen Homeowners’ Exemption
- Three types of veterans exemptions for property taxes
- Exemption for persons with disabilities
- Exemptions for agricultural properties
The New York State Constitution and the Real Property Tax Law (RPTL) established the property tax exemptions. The best tax law firms in NYC have experienced property tax lawyers to assess your property and determine if you qualify for any of these exemptions.
What’s the Role of a Property Tax Lawyer in New York City?
New York real estate is lucrative and a great investment. If you own property in the city or elsewhere in the state, you can’t overlook your property tax responsibility. A property attorney is a valuable addition to your investment team, applying the law to your benefit in ways that include:
- Property tax appeal. The amount of property tax bill you pay depends on the assessment done on your property. A property’s value falls and rises sporadically. Your property tax appeal attorney takes the necessary steps if you feel the estimate of the government’s assessment is too high.
- Property exemptions. Your property tax appeal attorney helps you review your property to determine if you qualify for property tax exemptions. You can also appeal a rejected exemption to save on your tax bill.
- Property tax consultancy. An experienced NYC property tax lawyer understands New York City’s and the state’s real estate taxation laws. Your property lawyer breaks down the complex New York property tax law to help you pay only the taxes you rightfully owe.
- Property division. A property division lawyer helps you settle property issues in multiple situations, including inheritance or divorce, where multiple owners are involved.
- Loft law representation. If you have an issue with your interim multiple dwellings (IMD) that fall under the 1982 Loft Law, turn to a loft law attorney. The amendments to the Loft Law cover more types of properties, and your loft law attorney explains your rights.
Property tax law is one of the most intricate areas in law. While New York offers immense opportunities in the real estate market, you need the best attorney for legal advice to get the most out of the market. The best tax law firms in Queens like Albert Maimone & Associates serve the five boroughs of NYC — Queens, Manhattan, Staten Island, Brooklyn and the Bronx — as well as Nassau and Suffolk counties. Contact the best property tax lawyers today to optimize your real estate investment.