How do you verify and compare property taxes?
Written and reviewed by Andrew Ragusa, Licensed Real Estate Broker and Broker of Record, REMI Realty LLC — 11+ years of transactions across Long Island, Brooklyn and Queens.
The short answer
I do not rely on the MLS tax figure alone. Its accuracy depends on whether the listing agent verified the information. I review the actual tax bill, either a copy from the owner or the local municipality's public records.
Exemptions are one of the biggest things to check. For example, a seller may receive a veterans exemption that reduces the bill substantially, and a new owner should not assume those savings will carry over.
When comparing properties, I look at the tax year and the exemptions reflected in each bill, and any question about the buyer's eligibility or expected taxes should be confirmed with the appropriate local assessor or taxing authority.