A “perfect storm” occurs when several negative, unpredictable factors come together at a particular moment in time to wreak extreme havoc. Unfortunately, for Nassau County homeowners already struggling with paying property taxes that are among the highest in the nation, there are three looming factors that make 2020-21 look especially turbulent.
Here’s why the last 12 months were so daunting for Long Island homeowners:
- The Countywide Reassessment
The newly appointed Nassau County Assessor revamped the existing property tax assessment system. This process kicked off with a reassessment of all residential properties in Nassau County that was slated to be completed by the end of 2018. One objective in reassessing Nassau County properties is to eliminate any inequality in the old system by raising assessments to reflect more current market values.
Unfortunately, the County was not fully and fairly implementing the new assessed values. Rather, for the most part, the Assessor phased-in the increases over time. A phased-in increase may sound good on paper (if you like increases, that is), but in actuality it means that assessment will not be fair or accurate any time soon. In fact, the reassessment may have resulted in another significant tax increase for those who are presently unfairly assessed, or anyone who renovates their home or has new construction.
That’s a powerful reason why the decision to grieve your assessment is so important right now.
- New Federal Tax Act Limits Property and Income Tax Deductions
Prior to the enactment of the 2017 Tax Act, most Long Island homeowners could fully deduct their property taxes, as well as their state income and local sales taxes, from their federal tax returns. But the new law caps these deductions (known as “SALT” deductions) at $10,000, making home ownership more expensive for many in New York State, and Nassau County in particular. That’s very bad news for a sizeable percentage of homeowners across New York State.
Now that it appears that a much bigger chunk of local property taxes can’t be deducted from one’s federal tax bill, the need to grieve – and reduce – them has become more urgent than ever.
- Rising Tax Rates on Long Island
Nassau County residents pay nearly the highest property taxes in the entire Country, with an average 2017 property tax bill of $11,425 (according to property tax data company Attom Data Solutions). Unfortunately, there’s little sign that the factors that make Long Island’s property taxes so high – including more than 100 school districts, multiple fire, sewer, water departments, a proliferation of special tax districts, a lack of industry and a generous pension load for civil servants – will be reformed or made more efficient anytime soon.
The potential for rising property tax rates will impact every homeowner on Long Island, but those who successfully grieve their property tax assessment will be hurt less than those who do nothing. Avoiding the perfect storm that can capsize your finances means making the decision to reduce your taxes through the grievance procedure, a process that Maidenbaum excels at helping customers navigate.
Why Choose Maidenbaum To Help
Maidenbaum Property Tax Reduction Group, LLC, is fortunate and delighted to welcome many new clients on a yearly basis. Maidenbaum team with over 30 years of experience, has been representing more than 100,000 homeowners and understands how confusing the tax reduction process can be. They analyze each individual case with state-of-the-art technology to obtain the best results, have an A+ rating with the Better Business Bureau and outstanding customer service. There is no fee unless they reduce your property taxes. This is the reason why their high success rate has made them the undisputed leader in property tax reduction. Authorize Maidenbaum to grieve your Nassau County property taxes today.