Re: help reading appraisal from revaluation
Posted by jcguy05 on 2018/2/12 18:40:08
OP here, so I went to city hall and met with both the representative from the appraisal company(lots angry people there) and also the abatement clerk in the tax collector office to get to the bottom of this.
Here are the info:
1) New tax rate * new total assessment value = your property tax.
2) New tax rate is still being determined by JC and is not available, the best guess appraisers used is 1.62. So it should be close to that number.
3) New total assessment value is the sum of land + structure, and the total of course varies between each unit depends on the new assessment you got.
4) Compare the new total assessment against similar units in your area sold in the last year, if your assessment is higher (by 15%) you should file tax appeal to reduce it. If it is not, you can still file tax appeal but it wont help much. Key is finding similar comparable units sold in the last year with a lower price than your total assessment.
5) Now for pilot/abatement, it is only on the structure, you pay land tax as regular tax.
Easier to explain using my example:
My current 2017 assessment (include exempt + taxable portion) is $132,800
-TAXABLE PORTION: $3,500 (actual taxes @ 7.8 rate/$100 assessed = $273)--> $3500 is the previous land assessment, and I pay $273/year as regular tax for land.
-EXEMPT PORTION: $129,300 --> this is the tax abatement portion (i pay ~$8000 in abatement, which is 80% of the actual property tax: 129300*0.078*0.8 )
New 2018 assessment is $584,700
- TAXABLE PORTION: $100,000 (estimated taxes @1.62 rate/$100 assessed = $1,620) --> $100,000 is the new land assessment. And with the new rate, i pay $1620 in regular tax for land
- EXEMPT PORTION: $484,700 --> this is the new tax abatement portion, similar to before, i will pay 80% of the actual property tax. So in this case: 484700*0.0162*0.8 (assume actual rate is 1.62)
6) Final note on abatement, for the abatement percentage (80% in my case) of total tax you pay for abatement, refer to your building docs as many have said. They increase as the years go on (varies by building, example: 15% of actual tax for year1-5, 40% for year5-10, 60% for year10-20, 80% for year20-expiration). Refer to your pilot abatement docs.
Another easier way is take the sum of abatement payment + regular tax(land tax) for last year divide by the actual annual tax you would paid if there was no abatement, and that percentage is your current abatement percent discount of actual property tax.
So dont worry too much about your abatement, focus on finding out what your actual tax will be without abatement, if that is reasonable, then you should be fine.
I am not clear why abatement tax will be higher than your actual property tax, according to above info i was given from the abatement tax lady, it should never happen. I guess maybe some building has special non-standard abatement contracts.
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