How to Find the Equity on a Property in Amityville, New York

by Catherine Chase

In the spring and summer of 2011, the median price of properties sold in Amityville, N.Y., was $272,500, according to Trulia. This represents a 31 percent increase from the median sales price the previous year. The equity you have in your property can fluctuate depending on its market value. A number of factors determine the market value, including comparable home sales in the area, its location and its physical condition. To figure out the equity, first determine its market value.

1. Check your last tax bill to determine the market value of your property. In Amityville, N.Y., the village sends out tax bills every May. If you cannot find your last tax bill, contact the tax clerk at 631-264-6000 or visit the clerk's office at 21 Ireland Place in the village. Expect to pay a $2 fee to obtain a copy of your Amityville tax bill.

2. Calculate the current balance of your mortgage. If you are unsure how much you still have to pay on your home, call your mortgage lender.

3. Add up any liens you might have against the property. Add the total amount of your liens to the total amount of your mortgage.

4. Subtract the total amount owed on your property from the Amityville tax assessor's last appraisal on your tax bill. The result is the amount of equity you have in your property. For example, if the tax assessor appraised your home at $150,000 and you owe a mortgage of $50,000 with no outstanding liens, your equity is $100,000.

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