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It will or it wont. There is no magic ball.
Depending on the outcome of the Nassau reassessment there could be some problems.
Taxes aint gonna go down, that's for certain. Especially in a strong market.
Back in 99 or 00, whenever Suozzi implemented the last great property tax reform, I was nearly crippled financially.
My taxes TRIPLED. Was not prepared for that. I purchased my home based upon what my salary could afford.
My salary couldn't afford triple taxes and what ended up being my monthly mortgage payment doubling.
So, grabbing the popcorn. See how this works out.
If LI residents are paying 20k a year now...then paying 60k in 2019, there will be a suicide meltdown on LI.
If LI residents are paying 20k a year now...then paying 60k in 2019, there will be a suicide meltdown on LI.
Won't happen since the 6% max raise per year and 20% max over 5 years is still in place. 20k now max it could be in 20 years 41.75K of course that'st not realistic.
Won't happen since the 6% max raise per year and 20% max over 5 years is still in place. 20k now max it could be in 20 years 41.75K of course that'st not realistic.
Correct me if I am wrong. There is two part of the formula. Rate & assessment. The rate has a cap how much it can raise. It’s the assessment that is the other variable which can turns thing upside down.
Getting bumped from something like 12-17k or 14-19k could wipe somebody out.
Lotta people squeaking by every month. Something like that could be devastating.
I know everyone on CD makes 250k or more a year and are fiscally sound and responsible with bullet proof jobs and stellar credit ratings but many people out there are not that fortunate.
Correct me if I am wrong. There is two part of the formula. Rate & assessment. The rate has a cap how much it can raise. It’s the assessment that is the other variable which can turns thing upside down.
Per the law it's the other way around. Assessed Value can only go up 6% in a year and 20% over 5 years. So theoretically they can take you from $400,000 to $424,000 tops in one year. Not $400,000 to $550,00 even if that is fair market value. That's if they don't find some way around the law. And that doesn't affect the rate which will be whatever it is based on the same old process (who knows how THAT sausage is made) but is definitely variable.
Exceptions to the 6% per Nassau County: Why did my assessment increase more than 6% over last year?
If your residential property is designated as Class 1 property, its assessment will not be increased more than 6% over the prior year’s assessment or more than 20% within a five-year period. The limit applies to the total assessed value, not to the appraised value. Value added by new construction or renovation is not limited. If your assessed value increased by more than 6%, the reasons may be:
Your property is not designated as a Class 1 property.
The assessment reflects construction or renovation or improvements.
Last year’s assessment was reduced by the Assessment Review Commission after the new tentative assessment was calculated.
In some of these situations you may want to file an appeal.
So once this reassessment takes place, it's kinda like a reset on the taxes? Then those that have been grieving, have to grieve them all over again and gradually work their way back to where they were, or get as close as possible, or are they doing something about the grieving process as well?
Yep. Everyone will instantly grieve their new assessments (so the grieving companies will do just fine) and the cycle will just repeat again.
It will or it wont. There is no magic ball.
Depending on the outcome of the Nassau reassessment there could be some problems.
Taxes aint gonna go down, that's for certain. Especially in a strong market.
Back in 99 or 00, whenever Suozzi implemented the last great property tax reform, I was nearly crippled financially.
My taxes TRIPLED. Was not prepared for that. I purchased my home based upon what my salary could afford.
My salary couldn't afford triple taxes and what ended up being my monthly mortgage payment doubling.
So, grabbing the popcorn. See how this works out.
Wow That’s crazy! But it also shows how it is unwise to buy a house you can barely afford.
Yep. Everyone will instantly grieve their new assessments (so the grieving companies will do just fine) and the cycle will just repeat again.
Nothing has changed with the grieving process.
Why is there even a grieving process or continue to be one? I know it's the American way to challenge everything (justice system), but if assessments are fair based on hard numbers (sqft, lot size, age of dwelling) verifiable annually, there shouldn't be a need for a grievance process.
If they're trying to catch people with permits for a gourmet kitchen, etc. That's just not necessary in determining a person's fair share of the tax pool. There's no reason for that. You only need the factors above to remain fair. I never understood taxing people more for wanting to improve their conditions while living under the same sqft. "Because they can afford it" is simply stupid.
Instead we're stuck playing this grievance game where we attempt to pass the buck onto neighbors and it's going to get messy just the same in a few short years.
Wow That’s crazy! But it also shows how it is unwise to buy a house you can barely afford.
Yeah. That's my luck.
And I got screwed on the house we bought after that too.
Maybe I was just young and dumb. Didn't realize what a sham home ownership in Nassau County was.
Went from 7k a year to 12k a year in under 9 years.
The system is set up for heads I win, tails you lose.
No matter what the assessed value is, the schools and gov still need their money so they mess with the rate or something like that so even if your assessment goes down, your taxes still go up. The increases slowed a little in the few years following Sandy but by then I'd had enough and decided to sell.
Got tired of finding ways to make more money to line other people's pockets, especially given the fact that I was living in an area that I was just miserable being there. In my mind it just had nothing going for it. Traffic, lousy rude people, shopping and a train station were not ammenities as far as I was concerned.
Does go to show how different the opinions of good and bad can be.
The couple we sold to felt like they hit lotto and won the American dream.
I couldn't collect my money and run fast enough.
Why is there even a grieving process or continue to be one? I know it's the American way to challenge everything (justice system), but if assessments are fair based on hard numbers (sqft, lot size, age of dwelling) verifiable annually, there shouldn't be a need for a grievance process.
If they're trying to catch people with permits for a gourmet kitchen, etc. That's just not necessary in determining a person's fair share of the tax pool. There's no reason for that. You only need the factors above to remain fair. I never understood taxing people more for wanting to improve their conditions while living under the same sqft. "Because they can afford it" is simply stupid.
Instead we're stuck playing this grievance game where we attempt to pass the buck onto neighbors and it's going to get messy just the same in a few short years.
1000% Agree with pretty much everything you said. The system is insane. Greiving propoerty taxes are hardly a Nassau county or even a NY thing though, only difference is here its literally a crazy industry.
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