Will Revamping Nassau County Property Value Assessment Reduce Tax Bills?
Thursday, November 28, 2013
More headlines highlighting the New York housing shortage crisis this week eliminate the idea of turning to renting to avoid pricey Long Island property taxes, but could Mangano’s new plan work?
A renewed state crack down on illegal rental units threatens to make New York’s housing crisis even worse, even though new statistics show homelessness growing dramatically since 2002. So obviously selling the family home to duck Long Island’s sky high property taxes may not be the magical solution some hope for.
On the bright side Nassau County Executive, Ed Mangano says he has a new plan for helping to fix the Long Island county’s broken tax assessment system and lowering Nassau’s financial obligations and operating expenses.
The latest proposal from Mangano calls for dispersing the responsibility for assessing Nassau County property values to local authorities. The argument is that this will save money on a county level, and double expenses as many are already doing it, while ensuring better accuracy in taxable values.
This may not be a complete fix, but certainly any unnecessary costs that can be cut and more accurately assessing local property values would be a big help and could potentially help local homeowners save thousands.
The bad news of course is that it is highly unlikely this rule will pass and be implemented fast enough, or be effective enough to deliver real assistance anytime soon.
In the meantime Nassau County homeowners desiring to reduce their unfairly levied property tax bills can obtain more immediate help from local, professional property tax adjusters.