Wednesday, January 23, 2013
Property Damaged by Sandy Will Impact Everyone’s Taxes
Everyone on Long Island, particularly those on the South Shore, should be aware of the possibility of some serious real estate tax increases.
Let’s start with some basic math. Tax rates are determined by the amount of real property tax assessments and the current budget. If assessments are decreased, the tax rates must increase to cover the budget.
The South Shore communities suffered great loss from super storm Sandy. Many commercial properties were damaged along with residential property. Real estate tax assessments will have to decrease for those damaged properties. Many other properties suffer substantial loss in market value by the stigma of being near areas that were flooded and may also receive assessment decreases. Less assessment means higher tax rates for all properties. To state it most simply; if your neighbor receives a tax assessment decrease and you don’t, their taxes might go down and your taxes might go up. To protect yourself from these increases, you must have your tax assessment reviewed until the end of April 2013 in Nassau County and in May for Suffolk County, as there is only a short window to protest the assessment.
Damage report forms and tax reduction forms are available at www.mynassauproperty.com.