Lowering Your Home's Property Taxes—A Homebuyer's & Homeowner's Guide

If you've purchased a home or already own one, you've probably learned the hard way that property taxes aren't a minor line item—**they're a substantial expense**. When **annual property tax bills are oftentimes over $10,000**, reducing the amount you owe can make a tangible impact on your finances. The good news is there are **legal and viable ways to decrease your tax bill**. Here's how you can **reduce costs and avoid overpaying property taxes**.

1. Understand the Basis for Evaluation

Your property tax bill is derived by multiplying your home's **assessed value** by the local **tax rate**, but here's the twist—**assessed value does not always translate into market value**. Assessments are done by your local government, and many homeowners **overpay** because their valuations are old or incorrect. With the **average Long Island home value appreciating 5-7% yearly**, it's essential your assessment is **reflective of true market conditions**. Check recent comparable sales within your neighborhood, and if your home's assessment is too high, it's time to **challenge the tax bill**.

2. Challenge Your Property Tax Bill

Studies show **60% of homes are over-assessed**, but **only 5% of homeowners ever appeal**—so thousands of Long Islanders are overpaying. If your assessment is too high, appeal a **tax grievance** with your town's assessor's office. Most municipalities allow one appeal per year, and homeowners who are successful **save 10-20% on their property tax bills**. You can do it yourself or hire a **tax grievance professional** (who usually only gets paid if he or she lowers your bill). With Long Island's high tax brackets, a successful appeal can **save you thousands a year**.

3. Take Advantage of the Property Breaks

Long Island homeowners are provided with **numerous tax exemptions** that can significantly save their yearly bill. The **STAR (School Tax Relief) Program** provides savings between **$790 and $1,400** per year for eligible homeowners, with Enhanced STAR providing **larger discounts for seniors (65+) with incomes below $98,700**. Veterans receive a **10-15% discount on the home's assessed value**, and seniors and the disabled are able to receive **up to 50% savings on property tax** based upon income eligibility. **Pro tip:** If you are eligible for multiple exemptions, check and see if the exemptions can be combined for **maximum savings**.

Step 4. Check Your Tax Bill for Mistakes

Believe it or not, **30% of property tax records are inaccurate**, from incorrect square footage to inflated property values. Taking the time yearly to check your tax bill can identify errors **that are costing you thousands**. Some typical errors are **incorrect lot sizes, outdated property descriptions, or non-existent rooms** (believe it). If you identify errors, send a correction to your **local assessor's office**—the sooner the better, as overpayments are not typically returned retroactively.

5. Don't Over-Improve Your Home

While it's exciting to add a **luxury kitchen, extra bedroom, or backyard retreat**, keep in mind that **major renovations add value to your home's assessment—i.e., your tax bill**. Pools, new homes, and basement completions **trigger reassessments**, leading to higher property taxes. To add value to your home without summoning the tax assessor's knock, attempt **cosmetic renovations like new floors, painting, or smart home updates**, which **add resale value without raising taxes**.

6. Take Advantage of Tax Abatements & Deferrals

Some municipalities offer **short-term tax abatements** to homeowners who **make energy-efficient home renovations or invest in the preservation of old homes**. Tax deferral plans also allow homeowners who qualify—e.g., seniors—to **delay a portion of their property tax burden until the sale of the home**. If you plan to stay in your home for the long term, these plans can provide **short-term relief while keeping cash flowing**.

Stop Overpaying on Property Taxes—Let’s Lower Your Bill!

If you’re paying too much in property taxes, you’re not alone. Thousands of Long Islanders are over-assessed each year, but only a small percentage actually challenge their bills. Let’s fix that.

✔️ Challenge your tax assessment & potentially save thousands
✔️ Find tax exemptions you may qualify for
✔️ Strategically upgrade your home without triggering higher taxes
✔️ Explore Long Island neighborhoods with lower tax rates

📞 Call or text: (516) 535-9698
📩 Email: Dean@TheBeaconTeam.com
🌐 Find your dream home & maximize tax savings: www.TheBeaconTeam.com

🔑 Let’s make sure you’re not paying a penny more than you should. Contact me today!