Nassau County property owners are now being hit with a dramatic reassessment which could prove to be incredibly costly. Now is the time to take action and challenge your assessment before it’s too late.
Nassau has announced a massive new assessment of every property in the county. In conjunction with other tax increases, it could prove a crushing financial blow to many local property owners. Some may have no choice but to sell their properties, and discount their asking prices deeply. Those that can afford to stay must get help to avoid overpaying.
While many property taxing authorities across the United States keep assessed values at a fraction of current market value, Nassau aims to bring up those assessments to 100% of values based on recent record highs. A good example of this impact from the Long Island Herald is East Williston, where a majority of homeowners grieved their taxes. The average total assessment previously was $273,000. 43% percent of market value. The average full market value was $652,000. So, you can imagine the shock many will get when they get a new bill that if more than 57% higher for 2020-2021. May could be easily seeing an extra $10,000 or more added to their annual tax bill.
If the Democrats win the 2020 presidential election, they also hope to raise income taxes to 70% on the wealthy. If you live on Long Island you are really considered some of the wealthiest people in the world. Probably in the top half percent. Even if you struggle to keep the lights on and food on the table. Together these taxes could make Nassau unaffordable to most current home and business owners. Few residents will be enjoying a $10,000 of 50% plus on their paychecks to keep up this year. Especially as it is believed we are now entering a new recession.
Even more ironically, this effort to ‘fix’ the tax system has already been full of several major ‘mistakes’. Including eliminating tax exemptions for veterans and admittedly posting flawed assessment notices for at least 18,000 properties.
We all want to pay our fair share. We want good and safe public services. We want to help others. Yet, throwing away so much money to be abused makes absolutely no sense. In only encourages more bad behavior and abuse of taxpayers and public funds.
A record number of Nassau County property owners are expected to appeal their assessments in the next few weeks. At least 200,000 are anticipated to grieve their taxes. So, make sure you appeal early and get the help of our local property tax professionals as soon as possible.