School Taxes Invoice Explanation

School Taxes Invoice

Congratulations! The application you filed for property tax correction was successful.

This message from Property Tax Reduction Consultants will explain your invoice.

You may want to reference your current 2022 school tax bill and the Letter of Tentative Assessed Value which was sent to you in January by the County.

Your signed authorization securing our services is on the back of your invoice so you can confirm the tax year that you filed for and the date you applied. The authorization for the 2022/23 tax bill would have been signed between September 2020 and April 30, 2021.

Here is a sample invoice, edited to protect the privacy of the homeowner. 

Let’s start with the GREEN section. Here you can verify the property address, tax year, and property description or S/B/L (Section, Block, Lot). If you no longer own this property, please contact our office as soon as possible so our team can direct you on how to resolve the issue. If you have verified that this is your property let’s move on.

Next- Note there are two columns, YELLOW which is the summary of your School Tax Savings and RED which is your General Tax Savings. Most homeowners will receive two invoices each year. The first invoice mailed in October will have a breakdown of your school taxes savings after the county releases the school tax rates for that tax year. The second invoice will come in January after the county releases the general tax rates.

To calculate your School Tax Savings on your October bill, start with the original assessed value, in this example it is 633. This value will not appear on the tax bill because you are not paying taxes on the higher assessment. This value can be seen on your Notice of Tentative Assessed Value which was received from the county in January. After working with the county, we were able to lower this assessment to 586 for an assessed value reduction of 47 points.

633 – 586 = 47

Next, we need to calculate the savings. Multiply the savings (47 points) by the school tax rate (1,942.590) as a percentage.

47 x 1,942.590 % = $913.02

Now we have the tax dollar savings of $913.02.

Most homeowners will not receive a refund check. The reduction was secured prior to the release of your October 2022 school tax bill, and your tax bill has already been reduced to reflect the savings. There is a misconception about comparing your current tax bill with last year’s tax bill to find the savings. Unfortunately, it is not that simple because of variable tax rates. Due to changes in ratios, budgets, revenue, and tax levy with your local government and school district your bill may increase at a higher rate and therefore even if a reduction is secured you may still be paying more than your bill from the prior year. You need to compare what you would have paid versus what you are paying on the lower assessment we obtained for you.

To verify your savings, take a look at the official notification from Nassau County or the courts confirming that a reduction was granted. This is where you can find your adjusted tentative value or starting assessed value the county placed on your property and the corrected assessed value we negotiated on your behalf. These values, highlighted in blue should match our invoice and the lower corrected assessed value should match the assessed value your tax bill was calculated with.

To make a payment on your account you can go to our online portal at hometaxsaver.com and use your unique ID# which you will find on the payment stub. You can also detach the stub and mail it in with your credit card information or a check. Please be sure to include your S/B/L (Section, Block, Lot) or Client ID# in the memo portion of your check.

Remember, the documents provided in this video are an example. The look of yours may vary depending on the level of negotiation your specific reduction received.

A Note about Incorporated Villages:

If you reside in an incorporated village, you will receive one invoice when your case is settled with both the county and the village assessing unit.

Thank you for your time and attention, we are available to help answer any additional questions on school taxes that you may have.

An annual application is recommended to keep your tax burden as low as possible. Go to our website at ptrc.com and apply for the next filing period today! 
 

As the leader in property tax challenges, the staff at Property Tax Reduction Consultants (P.T.R.C., Inc.) is dedicated to assuring that our clients pay the lowest possible property tax as required by law!