I Bought an Islip Home From a Senior. Could My Property Taxes Be Higher Than the Seller's?

You're looking at two houses in Islip. One lists annual property taxes of $11,500; another lists $15,000. But why is the seller paying $11,500?

The Seller's Tax Bill Isn't Necessarily Your Tax Bill

Suffolk County specifically warns buyers of improved property to check whether the previous owner receives exemptions such as Veterans or Senior Citizens exemptions. These exemptions do not simply pass to the new owner, and taxes can change considerably when an exemption is removed.

Imagine Buying From a 75-Year-Old Owner

The seller may qualify for benefits based on age, income, veteran status or other circumstances. You buy the same house, but you are a different taxpayer. The seller's current tax bill may not be your future bill.

Islip Even Has a Name for One Type of Adjustment

The Town of Islip explains that a tax bill may show RESTORATION when a former owner had exemptions that the new owner was not entitled to receive. Do not evaluate a house only by the seller's bottom-line tax number.

Ask What Is Behind the Number

Distinguish between the property's assessment and the current owner's exemptions. A low bill may depend on the seller personally qualifying for an exemption that you will not receive.

Conclusion

When buying an Islip home, ask not only “How much are the taxes?” but “Why are the taxes this amount?” The seller's bill tells you about the seller's situation, not automatically yours.

AIDOTAX helps New York homeowners and buyers understand assessments, exemptions and public property-tax information.