Nassau County Property Owners Face Countywide Tax Reassessment

Nassau County Property Owners Face Countywide Tax Reassessment

Nassau County Executive Laura Curran recently sent a Tax Impact Notice to Nassau  property owners informing them that local real estate taxes have been reassessed. This marks the first county-wide reassessment since 2011, when tax rolls were frozen by the previous administration.

The revaluation will have far-reaching impacts across the county and has already served to enrage and confuse many homeowners.

Impact of the Reassessment

The tax reassessment affects 400,000 residential and commercial properties in Nassau County. According to the county, taxes will rise for 52% of homeowners and decline for 48%.

More than 39,000 homeowners will see increases of more than $3,000, while 11,000 will see increases of $5,000 or more.

These higher taxes reflect rising property values. Since the rolls were frozen in 2011 the economy has experienced eight years of sustained economic growth that has lifted the housing market.

Nassau County Assessor David Moog says tax bills won’t necessarily rise by the same percentage as market values. Homeowners who continuously grieved their taxes are likely to see the greatest increases.

The new rates are scheduled to take effect in 2020-2021. To blunt the impact on taxpayers, the administration has proposed phasing them in over a five-year period.

Avoiding a “Financial Nightmare”

Many property owners are wondering why the county has suddenly upended their tax assessments, especially the hundreds of thousands who now face tax increases.

In her letter, Curran denounced the old system in strong terms, saying it has been “corrupted” and has produced widespread inequities — people either underpaying or overpaying. She described it as a “financial nightmare for us and future residents, including our children.”

Curran, a Democrat, is not alone in that position. “Lawmakers from both parties have agreed the reassessment is long overdue,” according to Newsday. Tax rolls were frozen under the previous County Executive, a Republican.

Officials emphasize that Nassau County will not collect more revenue as a result of the tax reassessment. Rather, the burden will be redistributed. Curran said to FiOS1 News that, as a result of the reassessment, “the system will become fair and accurate for all residents.”

Public Confusion and Backlash

The reassessment has outraged many homeowners who felt like they have been playing by the rules, only to have those rules suddenly changed. Seven hundred people showed up to a public hearing in December to vent their frustrations with county officials.

“I say to those seeing the sharp increases that you were played by the system as well,” Curran told CBSNewYork.

Residents have also panned the administration for initially sending out tens of thousands of inaccurate notices (60,000 online and 20,000 by mail), which caused a great deal of anxiety and confusion. Those notices have since been corrected.

What Should Nassau County Property Owners Do?

The tax grievance deadline for Nassau residential property owners for residents to appeal the new rates is March 1, 2019.

If you own property on Long Island and need guidance on how to navigate the tax reassessment, Schroder & Strom can help. We are the leading real estate tax attorneys on Long Island, with a proven track record, and 99% customer retention. We have an efficient effective system and we don’t charge you if you don’t win. Additionally, as attorneys, we can take your case further.

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Schroder & Strom:

https://nytaxreview.com  | (516) 742-7430 | lawfirm@nytaxreview.com