Nassau Real Estate Tax Changes

The Assessor is still sending out tax assessment changes.  Therefore, the filing period to protest/complain/grievance on commercial and residential properties has been extended from March 1st to April 1st, 2020.

            April 1^st is known as April Fool’s Day – how appropriate.  Do not be fooled if the new assessment is lower than last year.  Assessments are not market values.  Only when you know the ratio for the 2021/22 tax year can you calculate the market value the Assessor is estimating for your property.  We expect the tax rate to increase 10 – 15% on the October 2020 school tax bill. 

            Protect yourself and have the new assessment checked by an experienced practitioner – not a blind mailing that comes to your e-mail and mailbox weekly.

NASSAU TAX ASSESSMENT FILING EXTENDED

Once again the Nassau grievance period to complain about your commercial and residential property real estate tax is extended until April 2, 2020. There were so many changes; many increases and decreases that there is an unprecedented number of filings protesting the assessment.

That means you will continue to get solicitations from “volume house” firms to file tax certiorari protests.  While it is a good idea to have your tax assessment reviewed, it is not every property that is over assessed. 

It is a property is purchased for $800,000 in a neighborhood of $800,000 homes, then filing a grievance when your assessment is only $650,000 might not be a wise idea.

Blindly, filing a tax protest without having it reviewed by an experienced practitioner could be a waste of time and possible increase in future assessments. 

Beware of New Nassau County Assessments

The new Nassau  assessments have been published. Everyone we have checked has had a change from last year. This means every commercial and residential property in Nassau should be rechecked; there might be a ratio change as well. Last year the  commercial ratio was reduced by 7%, which resulted in an increased market value by the Assessor of 7%. Since this is a new year, any property can be protested by Meyer Suozzi even if a different firm filed last year. The filing period is January and February.

Nassau County Assessment Review Offer of Reduction

The Assessment Review Commission is sending out offers to reduce the assessment for the 2020/21 tax year based on 1% of value.  Most of the offers that I have reviewed are not good offers and should be rejected. A petition should be filed in April for a hearing. The assessment for 2020/21 being set at a lower assessment is not necessarily a fair market value. The only way to know is to do the math and compare the 2019/20 assessment which was calculated at only .6% of value.  The 2020/21 assessment at 1% of value is a whole different value.

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Let the taxpayer be aware!

Who Has The Legal Right To Protest The Real Estate Tax?

The New York State Court of Appeals has narrowed the permissible class of taxpayers authorized to grieve the real estate taxes on any property in New York.  Merely paying the taxes is not enough.  The taxpayer, other than the owner, must have the contractual obligation to pay the taxes as well as directly paying the taxes.

Merely being a triple net tenant is not enough.  Tenants must insist on appropriate terms in their lease if they want the right to protest the taxes.

New Assessments and Increased Rates

The 2019/20 school tax bills are out and have mostly increased over the last year.  The new 2021 assessments will be out in January 2020. 

Complaints to the new assessments must be made by February 28, 2020.  We expect the 2020 tax rates to increase next year by 20% or more since there were so many complaints to the revaluations assessments.

It’s a complicated system that requires the taxpayer to complain about the new assessments in January of each year, although the taxes based on that assessment will not be known for almost two years later.

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The taxpayer must protest or pay on the new assessment without knowing what the taxes will be!

Nassau Real Estate Taxes – Going Up Again

You might have received a notice that your real estate taxes will be lower in 2020 – don’t count on it.  Since the 2020/21 re-assessment was made there have been thousands of protests/complaints/grievances and corrections.  It is already too late to complain about the taxes and assessment for next year.

Tax rates will have to increase to offset the many assessment reductions that will be made.  

Be ready to file a complaint to the new assessment that will be ready in January 2020.  By the way, the County is dismissing complaints that have unreadable signatures unless they are corrected within 35 days of a notice to dismiss for a “defective authorization”.