Friday, November 30, 2018

New Real Estate Tax Assessments - Is the Nassau Assessor’s office ready?

I just came back from a family get together in Washington D.C. The tour of the Capital was (as always) exciting, especially because we had our almost 8-year-old, Grandson with us.

I came back to a considerable number of e-mails and phone calls from clients, both commercial and residential, who received their new assessments and increased (mostly exaggerated) market values. There are just not enough tax assessment personnel to deal with the tens of thousands of taxpayers faced with very large real estate tax forecasts.

January 2, 2019, is the date for the new Congress to be sworn in and for the protest of tax assessments filing period to begin.

Monday, October 29, 2018

Nassau Re-Assessment Notices

County Assessor’s notices of re-assessment of residential and commercial properties have started to be sent out. The house assessments are now being assessed at .1% of value. If your re-assessment is 498 the assessor is valuing your home at $498,000. Because the residential assessments were really being valued at .14% the new ratio increases the assessor’s estimate of value by almost 40%. That means the same assessment as last year is actually a 40% increase. What is the effect on taxes - no one knows now. The new assessment affects next year’s tax bill - not now.

Confusing assessment - it sure is and means you must have your value checked and protest the new assessment this January. 

Let the taxpayer beware!

Monday, October 15, 2018

Nassau County Commercial and Residential Property Tax Assessment

In a few weeks, every property in Nassau County will have a new assessment, a new ratio of assessment to market value and a new market value. The assessment by itself is only part of the tax bill. Since almost all Long Island properties are assessed at only a fraction of true value; it is the ratio of assessment to market value that indicates the market value the assessor is using to tax your property. If a property is assessed at 1% then you have to multiply the assessment by 100 to find the market value the assessor is using to tax your property. If the ratio is .25% you have to multiply the assessment by 400.

Incredibly, the assessment ratio on the website has been out of date for 8 years. Your new assessment should be checked to see what market value the assessor is using to tax your property.

Let the taxpayer beware!

Friday, September 7, 2018

Nassau Re-Assessment - Uncertainly

County Executive Laura Curran is uncertain how the re-assessment of all Nassau residential and commercial properties will be valued.

Now the County website assesses residential property at .25% of value but really it is .14% of value. For example - a typical 1,280 assessment is listed as a value of $512,000 using the .25% ratio. In reality, when we attend hearings, residential properties this year are assessed at .14% making the Nassau Assessor’s estimate of value $914,285. If your property was appraised at about $600,000 checking the county website you think you are under assessed at $512,000. My analysis reveals, you are very over assessed at $914,285 and I can get you an assessment reduction. The commercial assessment is listed at .1% of value but really it’s .06% of value. Confusing? It will be more confusing if the ratio of assessment to market value, also called the equalization rate changes again. Hopefully, we will know what the plan is in November so we can plan what to do in January.

Monday, July 2, 2018

New Nassau Assessor - New Assessments

We welcome Nassau’s new Assessor, David Moog, and the anticipated customer-friendly assessment department. Be ready for promised new Nassau County assessments in early November.

If assessments are not at 100% of market value, then the assessments don’t explain much. For example, if you receive an assessment of 715 on your home, multiply that assessment
by 700 to find out what the Nassau Assessor estimates are the market value of your house.
(For example, 715 assessment multiplied by 700 equals $500,000.

On commercial properties it is similar; multiply the assessment by about 150 to find out what the Nassau Assessor estimates the market value of your commercial property. A commercial
assessment of 7,000 multiplied by 150 equals 1,050,000.

The January 2019 assessments might be at the same number; however, until there is a clear understanding of the relationship of assessment to market value, you cannot determine the Assessor’s estimate of market value.

Bottom line, check your assessment now and have an expert check the new assessment in January 2019.

Friday, May 4, 2018

South Hampton Town Taxes Up

All over the Hamptons, the new tax assessments indicate increased market values. This means the assessors are using new sales to raise similar properties’ assessments. In many cases, the increase is exaggerated and too high. The protest period is only for another week and ends on May 15th, 2018.

You can’t get a tax reduction without filing a timely protest. 

Wednesday, April 11, 2018

International Be Kind To Lawyers Day

International Be Kind To Lawyers Day is celebrated on the second Tuesday in April every year. This year, the day falls on April 10th. International Be Kind To Lawyers Day is dedicated to honor and thank the lawyers who were of help in some ways to everyone. Lawyers may have a lousy impression among the public, but it is a vital profession for the society and the justice system. The profession has always been subject to jokes and seen as an evil job by general people. The profession revolves around the perception that lawyers are charging an exorbitant amount of money to exploit the public and that their aim is to win the case by any means necessary, even if it means abusing the legal system. This day is to spread the awareness that many of these perceptions are myths and some lawyers do practice law with ethics.