As the cliché goes, “you can’t trust everything you read,” and a glaring example of that is your real estate tax market value.
If you look online at the official Nassau County website, mynassauproperty.com, the market value of your residential property claims to be based on .25% and for commercial property at 1%. However, properties are really assessed much higher. When the Assessment Review Commission (ARC) or court hearings are set, we as attorneys are able to prove the assessment is based on a higher market value. Don’t be disheartened if you see that the assessor has your home’s market value as extremely low because in fact, it’s really much higher.
The relationship between assessments and market value changes every year based on sales in the County. An assessment might stay the same but the market value that the County is using might change. If you think the assessment on your home or business was based on $500,000, you might be satisfied not to complain. But if you found out the assessment was really based on a $600,000 value, you might want to file a complaint. New Nassau County assessments will be ready the first week of January 2014. That assessment should be checked for accuracy by an attorney experienced with tax certiorari proceedings.
Big sigh of relief after reading this article. Thanks for highlighting these useful property assessment facts over here.
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