Taxes
On Long Island, property taxes are typically divided into these two major components
school taxes and general (county/town) taxes
This agreement outlines the agent’s duties and establishes representation for the buyer
Buyer Agency Agreement
This Nassau County town is the largest in the United States by population
Town of Hempstead
This is the largest township in Suffolk County by population and includes communities like Stony Brook, Centereach, and Patchogue.
Brookhaven Township
this process allows homeowners to challenge their property’s assessed value
tax grievance
this financial amount is typically held in escrow to show the buyer’s serious intent
arnest money deposit or contract deposit
This South Shore Nassau village is known for having its own electric utility instead of PSEG
Village of Freeport
Also acceptable: Rockville Centre
Many Suffolk County homes rely on this waste system...
Cesspool
This New York State tax is paid by the buyer when purchasing residential property over $1 million
Mansion Tax
This appointment helps set expectations, explain agency, and prevent surprises later in the transaction.
Buyer Consult
This Nassau County community is famously not part of any town government.
Long Beach
These Suffolk County townships contains Fire Island communities such as Ocean Beach and Davis Park.
Town of Islip and Town of Brookhaven
This term refers to the value used to calculate property taxes, not necessarily market value.
assessed value
This clause in a real estate contract allows a buyer to cancel the agreement if certain conditions are not met.
contingency
This incorporated village is located within the Town of Oyster Bay but has its own mayor and building department
Massapequa Park
This tax is commonly referred to as _________ and applies to many East End property transfers.
Peconic Bay Tax
This exemption reduces school taxes for eligible homeowners over age 65
Enhanced STAR
This legal declaration makes a closing date strict and enforceable, meaning failure to close on that date can result in default.
Time is of the Essence notice
This Nassau County peninsula community was heavily redeveloped after Superstorm Sandy and is known for luxury waterfront homes
Atlantic Beach
This Suffolk County town is composed of multiple separate land masses, including Fishers Island
Southold