Nassau County’s Assessment Disclosure Notice has been sent out to the residents facing potential real estate tax changes. These changes will affect the 2020-21 tax year and should be thoroughly understood by every county resident.
The county used comps, or comparative recent sales in your neighborhood, to perform the reassessments. The level of assessment was reduced by 60%, from 0.025 percent to 0.010 percent.
An example of the way the new assessment works is that if your home was fully assessed at a worth of $300,000, the total assessment would be $750 ($300,000 x 0.0025). The $750 value would be multiplied by the tax rate of $100 per assessment. Presumably, a tax rate of $2,000 per $100 of assessed value would bring your taxes to a total of $15,000.
With the new assessments in place, the same home will have a market value of $900,000. The new level of assessment, .10 percent, brings this home’s taxable value up to $900. With the same $2,000 tax rate per $100 ($900,000 x 0.001), the properties new real estate taxes top in at $18,000.
The Nassau County tax impact letter, including the newly assessed values, will contain the actual real estate taxes you will owe. The impact notices and comps used to assess the property values became available online on November 21st. Tax impact disclosure notices and assessment disclosure notices were sent together, via mail, by the county.
Per New York State law, a home’s assessed value cannot be increased by more than 6% per year. Nassau County will be overlooking this law during this reassessment period. In order to minimize the impact of a potential tax increase, Nassau County may defer real estate taxes over a five-year period.
The 2017/18 tax year will be used as a basis for any potential deferment. If you have previously filed a tax grievance and have had a successful tax reduction for the 2018/19 or 2020/21 years, Nassau County will not be using that information for deferment purposes.
The market value assessment in Nassau County has increased by around 3 times, whereas the level of assessment has decreased by 60 percent. Those who have successfully filed for tax grievances will potentially see a 15 to 20 percent increase in real estate taxes, compared to the 2017/18 years. Without taking a possible 5-year deferment plan into consideration, your real estate taxes could increase by 50 percent with the newest assessment.
There will be winners and losers in Nassau County in regard to the reassessments. Additionally, a federal law went into effect in 2018 limiting state and local tax deductions to $10,000 and increasing mortgage rates.
In order to protect your rights, consider using a tax grievance firm for both residential and commercials properties. Challenging the reassessment can be done on your own – just be sure to be aware of your rights and the deadlines associated with filing tax grievances.
Useful Tax Grievance Links for Nassau County Residents:
- Message from the Governor on Nassau Property Tax (The HIGHEST in the Country)
- Nassau County 2020-21 Re-assessment & How It Affects You
- What to Do if You Received a Nassau County Tax Impact Notice?
- Nassau County 2020-21 Reassessment Tax Impact Notice
- Nassau County Grievance Filing On Property Tax
- Nassau County Property Assessment Lookup
- Nassau reassessment riles homeowners
- Nassau County assessor: Some property tax bills could rise without state help
- Taxpayers’ rights are being challenged by Nassau assessments
- Homeowners need to act to protect themselves from higher taxes
- Nassau County homeowners to face property tax reassessment
- Understanding Your Nassau County Assessment Disclosure Notice