As Benjamin Franklin once famously said, nothing in life is certain except death and taxes. While diet and exercise can help to keep the Grim Reaper at bay, is there anything you can do to keep the taxman from taking more money from you than youโ€™d like to pay? Since property taxes help fund municipal services, youโ€™re always on the hook for them if you own a New York home. But that doesnโ€™t mean you have to pay through the roof. If youโ€™re looking for ways to lower your New York property tax bill, then these tips can help.

Know how your tax bill is calculated

Property taxes are calculated using your tax rate and the current value of your home. Municipalities set their own tax rates, which are regulated by state law, by determining how much is needed to pay for municipal services such as police and fire protection and road maintenance. Assessors hired by the local government estimate the value of your property, either by visiting in person or remotely using tax software. Your tax bill is then determined by multiplying your assessed value by the tax rate.

Review your property tax card

Did you know that your local government keeps records about your property over time on a tax card? You can visit your local town hall to request a copy. Review the information on the card for accuracy. If you notice any mistakes or discrepancies, then let your tax assessor know. They can then perform an evaluation and make any necessary adjustments. Mistakes are common, and municipalities are required to correct them. This can save you money.

Avoid major renovations

Increasing your homeโ€™s value will naturally increase your property taxes. So if you want to keep your tax bill low, then carefully consider what renovations you want to make. Anything that requires a permit, such as a deck, pool, or a large shed, has the potential to increase your tax bill.

Donโ€™t spruce things up before the assessorโ€™s arrival

While assessors follow certain guidelines when it comes to evaluating your home, some of what they do is subjective. This means that in some cases, the more attractive your home is, the more the assessed value will be. If the assessor will be visiting you soon, then hold off on cosmetic upgrades. This includes sprucing up your curb appeal or installing new finishes or appliances inside the home. Waiting to make these changes can help you save money on your property taxes.

Research your neighborhood

Another way you may be able to save on your property taxes is by researching whatโ€™s happening in your neighborhood. Look at homes that are comparable to yours in terms of size and amenities. If you discover a neighbor with a home that is just like yours has a lower assessed value, then you should bring this to the tax assessorโ€™s attention.

Find out if youโ€™re exempt

Certain property tax exemptions are available to those who qualify. This can include seniors, veterans, people with disabilities, homestead exemptions, or agricultural properties. If you think you may qualify for a tax exemption, then check with your local tax authority.

Appeal your tax bill

Finally, if youโ€™ve done your due diligence and believe youโ€™re still being charged too much in property taxes, then you have the right to appeal your tax bill. The appeal process can be time-consuming and may not always work out in your favor, but if you win your appeal you can save significant money.ย 

Contact Keller New York today

Is 2022 your year to buy or sell a New York home? then contact the Keller New York Bronx office at 718-697-6800 or the Eastchester – Scarsdale office at 914-713-3270. If youโ€™ve got a question about New York real estate, we are always available!