Thursday, March 8, 2018
Suffolk May Be One County, But Many Taxing Districts
A $700,000 home in Huntington is assessed at 4,830 which is .69% of its market value; and a similar $700,000 home across the way in Islip is assessed at 11.35% of market value. So it’s not easy to compare the tax assessments for a property in Huntington and a similar property is Islip. It is even more difficult if one home is in a village and a similar home is in the same town but not in a village. There are hundreds of different taxing districts in Suffolk County. If there are 10 gasoline stations in the 10 Suffolk Towns each one will have a different assessment and a different tax rate. But wait that’s not all – the tax rates and ratio of assessment to market value change every year for most, if not all, of the hundreds of districts. That is why assessments for every commercial and residential property should be checked each and every year!