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I understand the re-assessment down the line is necessary but her timing is TERRIBLE with the new tax law in place. She really should have wait until after the elections, and see if she can work with the new NYS in Albany for a better approach. This will be a double whammy for most of us.
When it comes down to it, Nassau County property taxes in itself isn't changing, though how the taxes being distributed are changing.
As far as the timing of this, keep in mind that many in Nassau were getting hammered by the old system, and they were about to get the double whammy by the new tax deduction laws on federal taxes. Not to mention the system was so totally screwed up, the more we wait to attempt to fix it the more screwed up it would have become. Also, of course we still need to see the details of it and how everything balances out, from what has been stated it appears the changes will be phased in over five years.
She doesn't need a new state law for a gradual phase in...it exists! She got cute by reducing the assessment percentile so people are going to get hammered big time!
"This is the formula take 'your old assessed value' x .25 / .14 = that's what your old value equates to based on the new formula" ... so if your new assessment is more than this you will get an increase.
Where did this formula come from. Is this accurate in how we can determine if taxes will increase or decrease?e
"This is the formula take 'your old assessed value' x .25 / .14 = that's what your old value equates to based on the new formula" ... so if your new assessment is more than this you will get an increase.
Where did this formula come from. Is this accurate in how we can determine if taxes will increase or decrease?e
I made an appointment here: https://www.nassaucountyny.gov/4638/...ounty-Assessor the week after next and will let you know what the deal is. It's absurd that the mailer with the new assessed values that they sent didn't have a 'truth in lending' or other clear way to determine at the current rates whether a homeowners taxes would go up or down under the new assessment plan, all other things being held equal. This whole thing was ill-conceived and its introduction has been confusing, to say the least, and possibly purposely deceptive at the core, under the guise of 'it's all right in front of you and transparent', which we all know it isn't.
So they send out notices of your new assessed value but in the FAQ section they say all will be explained by November 21st in a separate mailing? Here's an excerpt from the FAQ:
IF MY FAIR MARKET VALUE DOUBLES, WILL MY TAXES DOUBLE?
No. The increase in fair market value is only an indicator of any changes in your future taxes. Changes in levy and changes in your neighbors properties will also impact taxes. You will receive a tax impact notice in the mail by November 21st..
It will be fascinating to see on a heat map where in NC County home taxes go up or down as a result of this reassessment. I'm pretty sure I already know where we will see the biggest increases and decreases. Care to guess?
I made an appointment here: https://www.nassaucountyny.gov/4638/...ounty-Assessor the week after next and will let you know what the deal is. It's absurd that the mailer with the new assessed values that they sent didn't have a 'truth in lending' or other clear way to determine at the current rates whether a homeowners taxes would go up or down under the new assessment plan, all other things being held equal. This whole thing was ill-conceived and its introduction has been confusing, to say the least, and possibly purposely deceptive at the core, under the guise of 'it's all right in front of you and transparent', which we all know it isn't.
So they send out notices of your new assessed value but in the FAQ section they say all will be explained by November 21st in a separate mailing? Here's an excerpt from the FAQ:
IF MY FAIR MARKET VALUE DOUBLES, WILL MY TAXES DOUBLE?
No. The increase in fair market value is only an indicator of any changes in your future taxes. Changes in levy and changes in your neighbors properties will also impact taxes. You will receive a tax impact notice in the mail by November 21st..
It will be fascinating to see on a heat map where in NC County home taxes go up or down as a result of this reassessment. I'm pretty sure I already know where we will see the biggest increases and decreases. Care to guess?
It ridiculous! They give us the new market value (which doesn’t mean all that much) but not the important assessed value number which is how you can determine what you will really be taxed on.
2017 fair market value is $250,000
Level of assessment is 0.25%
Assessed value is $625
Got it, makes sense so far ($250,000 x .0025 = $625)
Now, school tax rate is $900 per $100 of assessed value. So, school tax is $5625 (900 x 6.25 = $5625). Got it.
But library tax rate is $50 per $100 of assessed value. So, library tax is $312.50 ($50 x 6.25 = $312.50). Got that.
Then of course there are 17 different tax rates under general tax.
So, how are these tax rates determined and where can we find them? If we know that then, based on the new assessments (received mine today in the mail) we can calculate what the actual taxes will be.
It seems that the tax rates have risen about about 5-6% every year. If it stays that way this time my new assessment should actually lower my taxes a bit, even though they've almost doubled my fair market value. However, why should we assume that tax rates will not rise by a much larger amount?
"This is the formula take 'your old assessed value' x .25 / .14 = that's what your old value equates to based on the new formula" ... so if your new assessment is more than this you will get an increase.
Where did this formula come from. Is this accurate in how we can determine if taxes will increase or decrease?e
The increase/decrease amount will be relative to the change of others' assessments because you're sharing the total tax burden. For now, you're taking your old number and comparing it to your new number - the old number is the '19/20 assessed value divided by .0014. If the number in your letter compared to that went up, by say 5%, you MAY see a nominal increase (again depending on others). If it went down by a lot, you'll likely see a decrease. Nobody knows anything concrete until it's all set including the budget.
My question is - the appointments that you can make to challenge your new number ends on 12/15/18. Will we know the actual $ owed by then? It would only make sense if so.
Quote:
Originally Posted by nuts2uiam
All you really need to know is that as a average number, Nassau county residents pay roughly 8 1/4 % of their annual income for property taxes.
And 75% of that 8.25% goes to schools. It's funny we call it "property" taxes.
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