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Posted: 5/10/2022 7:14:54 PM EDT
Greetings from down South
Hoping someone familiar with real estate/ property taxes could answer a question for me. My grandfather recently passed away and we are in the process of getting things sorted with his estate.
In SC if a home is not your primary residence your real estate taxes double.
This means if its an investment property/rental, vacation home, or property that was inherited your taxes are twice what they'd be if it was your personal home.
Is this how it is in NY as well? Just trying to figure out what the tax bill is going to be once we get everything sorted. Any advice is insight is greatly appreciated.
Link Posted: 5/11/2022 5:44:40 AM EDT
[#1]
Assuming that the property was his primary residence and residential property any tax exemption that your Grandfather may have qualified for (STAR, enhanced STAR, veterans, aged, etc.) would lapse upon his death.  If he had Enhanced STAR (you have to qualify by age and income) it is conceivable the taxes could double.  Find the latest tax bills (State, County & Town and School taxes) and see if there are any exemptions listed.  Most assessors Upstate are none to quick to update the tax rolls when someone dies.
Link Posted: 5/11/2022 6:55:07 AM EDT
[#2]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Assuming that the property was his primary residence and residential property any tax exemption that your Grandfather may have qualified for (STAR, enhanced STAR, veterans, aged, etc.) would lapse upon his death.  If he had Enhanced STAR (you have to qualify by age and income) it is conceivable the taxes could double.  Find the latest tax bills (State, County & Town and School taxes) and see if there are any exemptions listed.  Most assessors Upstate are none to quick to update the tax rolls when someone dies.
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@Bushman_269
 Thanks for the info. Looking at tax records it does look like he had ENH STAR.
It looks like this gave him a reduction of $49k off the value of his home with the total value being $109k meaning his property taxes were based off his home only being worth $60k.
Now that he’s deceased I assume that exemption would go away almost doubling the tax bill?
Also once they reassess the taxes due to his death is there a chance they’ll reassess the property value due it technically changing hands from him to his heirs?
So if the property is now worth $200k based off of comparable sales the taxes could triple or quadruple?
Link Posted: 5/11/2022 8:15:12 AM EDT
[#3]
The heirs will definitely lose the Enhanced STAR exemption and unless someone uses the property as their primary residence the Basic STAR exemption (usually about 10%) will also go away.  Given the number you have quoted the taxes could potentially almost double.  Some assessors will re-assess the property after the death of the owner but it is not universal.  Most wait for an actual transfer (sale by deed) to put a new value based upon the sales price.  If in doubt, you can always contact the Town Assessor to get an idea of what kind of increase you are looking at.  The risk is that by contacting them you may hasten the process of removing exemptions and possibly re-assessing the property.  Hope this helps.
Link Posted: 5/11/2022 11:33:13 AM EDT
[#4]
In New Yorkistan they are already double
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