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How is it that Nassau County would believe, for taxing purposes, that these homes are comparable in any way whatsoever? One would argue that the owner of the smaller home should have contested his taxes every year, like the owner of the larger, more luxurious home. But why should he have to? Any fool can see that they are not comparable - look at the huge difference in asking prices! This is but one example of why Nassau County's property assessment system DOES NOT WORK. Same neighborhood - HUGE difference in houses - yet pay practically the same in taxes.
The assessment system in Nassau County is an absolute disaster. Plans are in place for homes to be reassessed next year and there are some questions with how effective the new plan will be. However, this is not something that is going to be fixed overnight, even if the new plan has no issues this is going to be something that takes years to fix.
The assessment system in Nassau County is an absolute disaster. Plans are in place for homes to be reassessed next year and there are some questions with how effective the new plan will be. However, this is not something that is going to be fixed overnight, even if the new plan has no issues this is going to be something that takes years to fix.
The plan is to reassess based off sale prices and then use these sales as comps for neighbors, this is still flawed since a sold home could have a marble kitchen and the neighbor could have laminate. The 6% per year max hike it will take 5-10 years to to balance out. We sold our Nassau house and the new assessment was a factor. We where paying 4-5k less than our neighbors. My place was assessed at 330k it sold for more than double that.
The only way to make assessments truly fair is to compile a check list with a ton of different variables for example hardwood floors, tile floors, laminate floors, etc. and do the same for every different possibility of home features. Then a value would be ascribed to that feature and then based upon the total number an assessment could be rendered. And here is where it all falls apart. Several teams would have to be assembled so that over a period of time, each home is visited and inventoried. Even if it were accomplishable physically, how can a demand be made that an inspector could enter every home. It will never happen.
Probably the sale price assessment with perhaps an average neighborhood number would be the closest. Maybe even an average over 5 years so in a down market people are not getting killed. That way you toss the high and the low and get to a point that is more centric. It will still not be great but maybe a little better.
Sale prices are at least related to the home’s value since, presumably, the buyer toured/inspected the house and decided that it was worth the money. How else are they supposed to assess value? They can’t exactly hire a legion of inspectors to go visit and assess each home in the county, inside and out, which would not only be cost prohibitive but also illegal.
Sale prices are at least related to the home’s value since, presumably, the buyer toured/inspected the house and decided that it was worth the money. How else are they supposed to assess value? They can’t exactly hire a legion of inspectors to go visit and assess each home in the county, inside and out, which would not only be cost prohibitive but also illegal.
Exactly what I just suggested was the way to do it, but impossible to do.
The plan is to reassess based off sale prices and then use these sales as comps for neighbors, this is still flawed since a sold home could have a marble kitchen and the neighbor could have laminate. The 6% per year max hike it will take 5-10 years to to balance out. We sold our Nassau house and the new assessment was a factor. We where paying 4-5k less than our neighbors. My place was assessed at 330k it sold for more than double that.
Not to mention as of now anyone can just contest the new assessment and the cycle will start all over again.
How is it that Nassau County would believe, for taxing purposes, that these homes are comparable in any way whatsoever? One would argue that the owner of the smaller home should have contested his taxes every year, like the owner of the larger, more luxurious home. But why should he have to? Any fool can see that they are not comparable - look at the huge difference in asking prices! This is but one example of why Nassau County's property assessment system DOES NOT WORK. Same neighborhood - HUGE difference in houses - yet pay practically the same in taxes.
The lower priced house is a mess - cash or rehab loan only.
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