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Nassau's Reassessment: What does it mean to you?

Heaven knows the Nassau County reassessment was long overdue. Unlike most districts, which assess real estate based on current market value (ad valorem assessment), Nassau until recently used a hodgepodge of 1964 land values and 1938 construction costs. The result was an annual crop of more than 50,000 assessment reduction petitions that cost the County over $1 billion in the past decade.

But that was then.
Now Nassau has reassessed all properties county-wide relative to current market value. In other words, the total assessment for a house and the plot it sits on is now directly related to what the assessor believes it's worth if put up for sale. To stem the tide of reduction petitions and staunch the flow of red ink, the assessor and the County worked hard to get the new assessments right.

On or off the money?
With about one-third of assessments up, another third down, and the rest unchanged, the pot's been stirred, but is the meal satisfying? The reassessment was carried out by the well-qualified firm of Cole Layer Trumble (CLT) using established techniques for gathering and analyzing real property data. But most owners didn't give CLT access to their property, so record cards built on deeds, building permits, and zoning requests weren't updated. And that means assessments and the taxes based on them may be wrong.

Look at the records.
If you live in Nassau, you can review your record card, CLT's photo of your property, and the new property values on the Nassau County Property Reassessment Project website. Look at the total appraised value. If that's significantly more than you just paid for your house, or more than the selling prices of comparable houses in your neighborhood, you may be over-assessed and over-taxed. Now examine the other records for errors that falsely increase the value of your house. Do they show a garage or a deck that's been demolished to make a garden? Do they list central air-conditioning and two fireplaces the builder planned but never installed? Errors like these may be costing you thousands.

Call in the experts.
If you've looked at the records and think you're over-assessed -- or just not sure -- call us at 516-680-3704, email us, or ask us for a free, no obligation analysis. Don't put it off. The filing deadline for property tax grievances is near and preparation times may be long.

P.S.  It's not over 'til it's over.
The great Nassau reassessment may have ended "officially" but it's never over for homeowners. Nassau owners need to review their assessment record annually. If your assessment increases and you think it's too high, ask us to review it.