A COVID-19 property tax relief bill is on its way to Governor Cuomo's desk for signature. The bill, S8138B, empowers local taxing jurisdictions to defer property taxes for up to 120 days from their original due date. Alternatively, the taxing jurisdiction can create a payment plan with similar time restrictions. This special legislation will automatically expire with the State Disaster Emergency Declaration.

The New York State Tax Department just unveiled an easy, fast and secure online STAR Registration platform.
This is great news because the deadline for completing the registration is December 31, 2013, so homeowners go check it out now.

You now have until April 23, 2011, instead of until yesterday. To learn more, read the County Executives Press Release. To file a grievance, your first stop should be here or hire a professional. Good luck and go reduce your taxes.

A number of documents by HUD providing guidelines for FHA workouts. Click here to view the page.

Effective September 1, 2010, title related services inclusive of all relevant searches, which are not used in the course of preparing a title insurance policy will be subject to New York State and Local Sales and Compensation Use taxes. Now it will be even more expensive to buy a house in New York State. Its important for agents and attorneys to understand this tax and carefully explain it to their clients. A great source for more information on the tax can be found by clicking here.

The clock is ticking until Grievance Day!!! Get your forms together and go down to the Town tomorrow and file right away. All you need is 3 comps and some good luck. Go make it happen!!!

To find FAQs regarding the additional tax on transfers of residential real property for $1 Million or More click here

Please come to the Center Moriches Free Public Library tomorrow evening from 7PM - 8PM for our free workshop sponsored by the Moriches Chamber of Commerce. You will learn to grieve your taxes & best of all its FREE.

April 30th is the deadline when buyers must be under contract to qualify.

See http://www.irs.gov/newsroom/article/0,,id=215791,00.html
for more information from the IRS.

If you are near contract, enter it quickly, $8,000 or $6,500 are a lot to loose for tardiness.

There is so much talk about reducing your taxes through a Tax Grievance these days, I figured it appropriate to mention a current Bill proposed by the Governor that caps property taxes. Yet, before I give you the details lets first be clear that a Tax Grievance does not address the amount of property taxes on the macro, but instead how much percentage of the total property taxes in a given area that each individual property owner is assessed on the micro.

Anyway, the currently proposed Bill would limit tax levy growth for all school districts, counties, cities, towns, villages, special districts and fire districts to the lesser of 4% or 120% of the annual increase in the consumer price index. Yet, the Bill would allow local government officials to override the cap with a 2/3s vote. So with this Bill the total amount of taxes felt by every homeowner in a given area would be uniformly capped. Nonetheless, remember that grievance day in Suffolk County Towns is May 18 so get to filling out your grievance forms and reducing your property taxes in the micro. Plus, for all of you who need a little help, Lieb at Law will be co-hosting a workshop on Tax Grievances with the Moriches Chamber of Commerce on April 29 at 7pm at the Center Moriches Library where all are welcome to attend and learn.

I will keep you posted if the Bill is passed.

1. Most recent property tax bill
2. Appraisal completed within the last 12 months
3. Contract of Sale (if purchased within the last two years)
4. Recorded Deed


Lets talk appraisal; there are 3 traditional ways to value realty:
1. Market comparison approach estimates the value of property by applying a comparative analysis of recent sales that are similar to the property being assessed in terms of physical and locational characteristics.
2. Cost approach or summation approach estimates the value property by adding the depreciated value of all improvements to the value of the land. The cost approach is most useful to estimate the value of specialty properties for which there is no market.
3. Income approach is used primarily for commercial and industrial properties. The income approach estimates value by capitalizing the income generated by the property after deducting charges for vacancy, collection loss and expenses.

For residential property, the best bet is to get a Broker's Price Opinion ("BPO"), which costs the least and is the most available. In fact, its created by a Broker, not an Appraiser. Just be mindful that a BPO must include at least 3 Comparisons ("Comps") to similarly situated realty.

We will be co-hosting a workshop on grievances ("Do it yourself grievances") with the Moriches Chamber of Commerce at the Center Moriches Public Library on April 29, at 7pm. Please attend to learn more.

Its time to start talking tax grievance. In many Long Island Towns your clock is ticking if you want to lower your property taxes. Remember, the filing of a grievance complaint with the assessor or board of assessment review is a condition precedent to going to Court. It only takes a 4 page form with simple questions and answers to start the process. During the next month this will be my topic of interest and I will be giving you the ins and the outs of the process. Lets reduce our property tax assessments.