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So new reassessment roll came out for 20/21 and I have a few questions.
My reassessment for my home went from $580k to $1.6m , and assessment level went from 1450 to 1620. (And level of assessment calculation went from 0.25% to 0.10%)
They are saying that the 6% cap per year, 20% over 5 years will not apply, and instead there may be a 5 year phase in. How does the phase in work, it will be phased in equally amounts for me from 1450 to 1620, or from 580k to 1.6m?
What bothers me is that is was supposed to be state law instituting the 6% cap, how did they get around that?, by changing the calculation from 0.25% to 0.10%?
They are not my team, it's really not the fault of the reassessment board, it's the hand they are being dealt.
Because of the out of whack values people have been grieving, some people with very similar homes can have completely different tax burden, I am one of the people who grieve every year, but I understand new system has to be put in place where everyone's house is marked to market value.
the real estate taxes are out of control because of needless spending, teachers get guaranteed tenure after a few years, and anytime someone brings up the idea of lowering school budget, the activist few overpower the silent majority, and keep yelling and screaming "what about the children"
So because the conservative majority is not loud, our voices cannot be heard about the spending.
RE:So new reassessment roll came out for 20/21 and I have a few questions.
My reassessment for my home went from $580k to $1.6m , and assessment level went from 1450 to 1620. (And level of assessment calculation went from 0.25% to 0.10%)
All homes in Nassau are being reassess to bring all properties to true mark value. The .10% is the new level of assessment. $1,6200,000 x .0001 = 1620. If Edlee was to put his house on the market now, can he sell it for $1.6 mil? If his answer is yes, then his assessment is correct.
It's not a mansion, it's under 3000sqft, under 0.18 acres.
Yes, I could probably sell it for 1.5, but i bought it well under a million less than 8 years ago, so because the value went up while I did nothing to the home, and I'm on a fixed income, I should pay double or triple the taxes
The double whammy is not being able to deduct the real estate tax from my income tax return.
Again, my problem is not the assessment of my home, my problem is with needless unchecked spending, and anytime we try to limit the spending, the local and loud activist few rile everyone up that we need to spend more on our schools. Dont get me wrong I know better schools bring better home values, but what's the point when I don't plan on selling, and if I do, I'm stuck looking at other homes in same town.
Anyways, my question is how the 5 year phase in will work, will it be 5 equal increments from old assessment level or old aassesed value?
Where is this info posted? It’s not on their website.
A notice came in the mail, everyone will get notice by Nov 1, they set up special website for more information but it's not updated yet with individual house information https://www.nassaucountyny.gov/4638/...ounty-Assessor
So new reassessment roll came out for 20/21 and I have a few questions.
My reassessment for my home went from $580k to $1.6m , and assessment level went from 1450 to 1620. (And level of assessment calculation went from 0.25% to 0.10%)
They are saying that the 6% cap per year, 20% over 5 years will not apply, and instead there may be a 5 year phase in. How does the phase in work, it will be phased in equally amounts for me from 1450 to 1620, or from 580k to 1.6m?
What bothers me is that is was supposed to be state law instituting the 6% cap, how did they get around that?, by changing the calculation from 0.25% to 0.10%?
This is the formula take 580k x .25 / .14 = 1.035m that's what your house is currently assessed at based on the new formula. You will defiantly be getting a tax increase but not as bad as you think.
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