Can Property Taxes Go Down?

New York State has some of the highest property taxes in the country, and homeowners are often looking for ways to reduce their tax bills. Fortunately, there are several reasons why property taxes may go down in New York State.

One reason a property's taxes may go down is if a property’s value decreases. Property taxes are based on the assessed value of a property, which is determined by the local assessor's office. If the assessed value of a property decreases, then the property taxes will also decrease. This can happen for a variety of reasons, such as a decline in the local real estate market or a decrease in the value of the property due to damage or disrepair.

Another reason property taxes may go down is if the local government lowers the tax rate. Property tax rates are determined by local governments, such as cities, towns, and counties. If the local government lowers the tax rate, then property taxes will go down. This can happen if the local government is able to reduce its spending or if it receives more revenue from other sources, such as state aid.

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In addition, a property's taxes may go down if a homeowner qualifies for a property tax exemption. There are several types of property tax exemptions available in New York State, such as the Basic STAR exemption and the Enhanced STAR exemption for senior citizens. These exemptions can reduce the taxable value of a property, which will result in a lower property tax bill.

Lastly, property taxes may go down if a homeowner successfully challenges their property tax assessment. Homeowners can challenge their property tax assessment if they believe that the assessed value of their property is too high. If a homeowner is successful in their challenge, then the assessed value of their property will be lowered, which will result in a lower property tax bill.

While many of these factors are outside the power of an individual homeowner to influence, homeowners should always be aware of the steps that they can take to reduce their property tax bills. If you wish to learn more, please visit our How It Works page which breaks down the process of grieving your property taxes.