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.