Tax abatement helps to Reduce Property Taxes NY

It is bitter experience for several house owners that every year they are required to pay an enhanced property tax to government.  This situation arises mainly due to the fact that many home owners are not aware of the precise market value of their property and on what basis the property tax has been assessed by the authorities. The property taxes that are collected from the home owners are being utilized for many local town or city development schemes in various sectors such as healthcare, education, infrastructure facilities and so on. The only way out that you can consider in cases where your property tax assessed, if you feel, is more than what it ought to be, is to go for an appeal to Reduce Property Taxes NY.Many of us may not have knowledge of the term “property tax abatement” and may be wondering what actually it means. Essentially, the meaning of the word ‘abate’ refers to mitigate or decrease something. Hence, ‘property tax abatement’ is an usage in legal terminology to refer to a short or long-term process to get your property taxes reduced, in spite of the fact that you have accessed some up gradation to your home. Under usual situations, if you enhance the value of your house, you also automatically increase its taxable value. But, when you access the abatement process, such increase in property tax will not happen or if at all it occurs, the tax increase will be minimal. Generally, the authorities issue a waiver in your case, in order to encourage the town development programs.

The property tax abatement facility is extended to owners of houses, duplexes, apartment buildings, and also to commercial buildings that are remodelled as residential houses. In order to be eligible for this tax abatement facility, your house value should be at least 115% of its value, before the reconstruction. The facility of abatement does not come to you automatically, but you need to make an application to the concerned authorities, in order to access this facility. The authorities, after receipt of your application, will assess the value of your house before and after the up gradation is carried out.

Once, your request to Lower Tax Assessment NY is sanctioned, you will have either the taxes waived or lessened on your property. Some of the upgrades allowed under this tax abatement facility are repair of roof, up gradation of lawn and garden, repair of driveway, remodeling of room, and plumbing as well as electrical repairs. Items of work that are not permitted under tax abatement are addition of rooms, porches, as well as building fireplaces. The Lower Tax Assessment NY facility will be in vogue as long as the abatement facility is in force in your locality.

Moreover, you need to remember that even if you are successful to Reduce Property Taxes NY, there is no assurance that your taxes will not be increased later on, but if it occurs, the increase may not be as much as it should otherwise be.  You may still  experience  an increase in your home tax, in case  you make some up gradation to your home that do not come under the purview of tax abatement. Even then, the property tax abatement is an ideal option for you to save some money when you take up some remodeling work of your home.


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