The real estate
market has softened and property values continue to decline
throughout many areas of Long Island and New York City.
Unfortunately, the local Assessor's offices have failed to
recognize this trend and continue to raise property taxes for
most homeowners. As a result,
property value may exceed its current market value.
If so, you may be entitled to a significant reduction in current and
future property taxes.
An current market appraisal by a local Certified appraiser is
the best way to prove to to your local taxing authority that you
have been over assessed. In addition to providing you with
your properties current valuation we can also assist you with
valuable information about the process for challenging you
assessment including: dates, contact information, relevant
taxing, authorities, forms and websites.
Private Mortgage Insurance (PMI) is required when you buy a
house with less than twenty percent down. PMI guarantees
protection for lenders against the costs of foreclosure. This
insurance protection is provided by private mortgage-insurance
companies. It enables lenders to accept lower down payments than
they would normally accept.
The cost of PMI increases as your down payment decreases and
your PMI premium is normally added to your monthly mortgage
To cancel the PMI on your loan, contact your lender. In most
cases, an appraisal will be required to determine the value of
your property and you are generally responsible for this process
and the cost of the appraisal.
Once the appraiser is able to determine that the value of your
home has increased enough to meet the twenty percent down
payment, PMI will be removed from your mortgage and you will no
longer need to submit the payment for the monthly premium.