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!

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Incredibly, the assessment ratio on the MyNassauProperty.com website has been out of date for 8 years.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!