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What it does mean is the taxes should decrease a bit for the years that the value is predicted to go down.
It does mean the value in Nassau County has dropped. But that doesn't mean that it really will effect the price a buyer would pay.
For ex, some homes are valued by Nassau county lower than they would sell for, and some higher. My home is valued by Nassau a lot lower than I could truly get for it (about 100,000 less). They are only going by exterior and location/lot size, etc. They are not factoring what is inside the home, which greatly effects price. It's really based more on land, square footage and location more than anything else.
So don't factor that into your bid, just know the taxes will lower a bit or be more steady for the next few years.
Don't automatically assume that taxes will go down if the assessment goes down. If the decrease in the assessment is community-wide based on the the falling real estate market, then you can expect that taxes will either stay the same or rise (most likely.) That's because the schools and other government entities will adjust their tax rates to get sufficient tax monies to meet their budgets. They still have to raise the same money (or more) through taxes whether assessments go up or down. So if everyone's assessment falls, then tax rates will rise to meet government needs.
For ex, some homes are valued by Nassau county lower than they would sell for, and some higher. My home is valued by Nassau a lot lower than I could truly get for it (about 100,000 less). They are only going by exterior and location/lot size, etc. They are not factoring what is inside the home, which greatly effects price. It's really based more on land, square footage and location more than anything else.
So don't factor that into your bid, just know the taxes will lower a bit or be more steady for the next few years.
Wow, you are so lucky. You should thank Nassau county for giving you a huge tax break.
For the OP, please factor these information into your bid. The fact is that even the county government believes that the house prices are declining. If anything, the county tends to value them on the high side. Higher value means more tax for the government.
The adjusted market value is what is deemed the value of the home, but as far as the taxes are taken into consideration its based off the value of two years prior. For example the 07/08 school year taxes, and 08 town/county taxes are based off the market value of Jan 06. The 08/09 school year and the 09 town/county is based off the county deemed market value as of Jan 07. The 09/2010 school taxes and 2010 town/county taxes are based off the market value as of Jan 08. As far as the impact on taxes. First it depends on if the particular jurisdiction is raising taxes or not. For example Nassau county hasn't raised taxes since 2002, but some of the town taxes have gone up since then and the school taxes go up every year. the second part of it is, how your change in value compares to the average change in value. Just because the value goes up, doesn't mean your taxes will go up, and just because your value goes down it doesn't mean the taxes o down. Its the change in your home's value compared to the average change in value in the particular jurisdiction.
Let me know if you need this expalined any further, just tried to do it quickly since I'm at work and not sure how clearly I explained myself.
The only time you're going to realize a tax benefit from a decrease in your assessed value is when you've grieved your taxes and been granted a lower assessment on your individual home. If it's across the board in the community, don't expect to see any changes. Government (county, town, village, school, sewer, fire, police, etc.) still gets its money at whatever level it thinks it needs.
The only time you're going to realize a tax benefit from a decrease in your assessed value is when you've grieved your taxes and been granted a lower assessment on your individual home. If it's across the board in the community, don't expect to see any changes. Government (county, town, village, school, sewer, fire, police, etc.) still gets its money at whatever level it thinks it needs.
Not completley true. If your home decreases in value at a faster rate than the average home in the jurisdiction you will see a decrease in taxes (provided that the jurisdiction does not raise taxes). With that being said since school taxes tend to rise every year any decrease you might see at the county/ and or town level might be limited or cancelled out by the school taxes.
Not completley true. If your home decreases in value at a faster rate than the average home in the jurisdiction you will see a decrease in taxes (provided that the jurisdiction does not raise taxes). With that being said since school taxes tend to rise every year any decrease you might see at the county/ and or town level might be limited or cancelled out by the school taxes.
That would be true if they were doing individual reassessments in a jurisdiction. But that's not happening. A general percentage increase or decrease in assessed value is applied across the board in the local community. Therefore, the entire community rises and falls together, resulting in no change to the taxes of any particular house (unless the tax rates themselves are raised or lowered.)
That would be true if they were doing individual reassessments in a jurisdiction. But that's not happening. A general percentage increase or decrease in assessed value is applied across the board in the local community. Therefore, the entire community rises and falls together, resulting in no change to the taxes of any particular house (unless the tax rates themselves are raised or lowered.)
The assessments are individual. The county assesses every house and commercial property every year. It would be impossible to have the community as a whole rise and fall together considering how some communities are in more than one town, and many communities are split between one or more school districts. The school district and town borders very rarely are the same as the borders of the community.
every house is assessed every year. The change in value in your home compared to the average change in value in the county is what impacts your county taxes and determines if they rise, fall or stay the same. The change in value in your home compared to the averaged in your town impacts the town taxes, and determines if they rise, fall or stay the same. The change in your home value compared to the school district average change in value will determine if your school taxes rise, fall or stay the same.
now the above is assuming that the taxes from the previous year are unchanged and we know especially with the school taxes thats not the case, but its still used as a base. For example if your school district passed a budget with a 5% increase in taxes, it doesn't mean your school taxes will increase by 5%. If your homes value increases by a larger amount (when prices are going up) or decreases by a lesser amount (when prices are declining) than the average home in your district than your school taxes will rise by a little more than 5%. On the flip side if your home value increases by less than the average home in your district or decreases by a larger amount than the average home in your district than your taxes will increase by less than 5%. The taxes will still increase by 5%, but how the increase is distributed will be determined by how each home's value difference compares to the average difference in the district.
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