Long Island’s Nassau County is home to the fifth highest property tax bills in America. So just how high are they? And what can you do about lowering yours?
According to research by USA Today all of the highest property tax bills in the country were either in NY or NJ. This is led by Westchester, NY with an average property tax bill of $13,842. This is over 6 times higher than the national average.
The top five high tax counties by average property tax bill are:
- Westchester, NY
- Rockland, NY
- Bergen, NJ
- Essex, NJ
- Nassau, NY
The median property tax bill in Nassau County, New York is $9,091. Yet, this is a barely noticeable sum for many of Nassau County’s luxury estate owners. Celebrity homeowners are often taxed at annual rates that are more expensive than many people’s homes.
Newsday Long Island reports some of the highest property tax bills at:
- Old Westbury $689,934
- Cove Neck $613,041
- Kings Point $405,003
- Brookville $308,384
- Muttontown $272,521
- Sands Point $219,644
- Centre Island $218,083
5 Ways to Lower Your Nassau County Property Taxes
Some of the lowest taxed counties in America have property tax bills averaging just $216 a year. Find the 10 least expensive counties for property taxes here.
2. Modifying Your Property
Modifying the configuration of your rooms and interior square footage could help reduce your property tax burden. And without reducing your enjoyment.
3. Sell off Parts of Your Estate
Odds are you don’t really need over 100 acres of property on Long Island. Probably not even 10. Reducing your footprint could help. This is especially true for those with coastal property which may be at risk of erosion or seizure anyway. This property could be traded for much more, with lower holding costs and taxes in another area. Even another area with greater growth potential.
4. Self-Directed IRAs
If Nassau properties are being purchased for investment purposes they could be purchased through self-directed IRAs. Self-directed retirement accounts provide individuals full control over their investments, but with all the tax breaks of a 401k or traditional IRA.
5. Challenge Your Property Tax Bill
Interestingly; even in Westchester, the average property selling price is far lower than in many other parts of the country. Yet tax bills are higher. In some cases this is just the price for the privilege of living in the state of New York. In others it is a more a matter of incorrect billing and over-charges. Don’t over pay. Get help from a Nassau County property tax adjuster and reduce your bills…