Should Everyone File for Real Estate Tax Reductions?

I hear all the time, “I am not over-assessed but my real estate taxes keep going up. Why?” The answer is complicated – who knew real estate taxes would be so complicated?
I then ask, “who told you that you are not over-assessed on your home [or factory or gas station or office]?”

I am often met with similar responses. If you got your answer from the Assessor or County website, it’s not going to give you accurate information. The websites are created by the Assessors and often have misleading information – old, undated and often wrong market values. You need someone experienced to guide you through the process. Due diligence is not only for Fortune 500 mergers. Good investigating skills will put you ahead of the game. Do it right and you will be rewarded with lower taxes or by the fact that you are being assessed correctly and are not getting taken advantage of by the system.

Nassau County School Tax Increase

The Nassau County school tax rates, as of October 1, 2017, increased an average of 5% for residences. A typical $10,000 school tax bill from last year will be $10,500 this year. The Nassau school tax rates for commercial properties had a big increase last year, averaging 11%. This year, another 5% increase on average is expected. Therefore, a typical $25,000 commercial tax bill from last year will be $26,250 this year.

The tax rate increases are due, in part, because school budgets increased and many residential and commercial properties received assessment reductions. Having less total assessments in the school district causes the tax rate to increase to meet the budget.

The reason for the substantial commercial tax rate increase is in great measure due to the now 2 year old Disputed Assessment Fund (DAF). Every commercial property received the increase and those properties that protested have part of their taxes set aside for possible refunds.

The expectation is that the general taxes will increase at least the same in January.