We hope you and your family are enjoying the holiday season, and we wish you the very best for 2025. In this article, we’ll give you a quick recap about relevant property tax developments in 2024 and provide a heads-up about things that will happen in early 2025 that you should know about and act upon.
Looking Back at 2024 Property Taxes
2024 was a significant year in the world of Nassau County property taxes. The exemption related to The Taxpayer Protection Plan (TPP), also known as the Reassessment Phase-In Act (RPIA) of 2020, has now ended. Introduced during the COVID-19 pandemic, the TPP/RPIA’s purpose was to ease the financial impact of Nassau County’s 2020/21 property tax reassessment by providing a fixed property tax exemption over five years, starting with the 2020/2021 tax year. As the amount is now fully phased-in and the 2024/25 tax year no longer includes the exemption, homeowners in Nassau County may now face higher property tax bills.
In 2024, higher-than-normal inflation and mortgage rates remained a top-level concern for Nassau County homeowners, given their significant impact on the total cost of home ownership. While inflation rates decreased from around 3.1 percent to around 2.6 percent, with 30-year mortgage rates falling from about 7.19 percent to 6.84 percent, they both remain much higher than in pre-COVID years. In 2020, mortgage rates were just 3.37 percent; between March 2020 and March 2024, cumulative inflation reached 21 percent, as reported by the U.S. Bureau of Labor Statistics.
In mid-2024, a study from Bankrate quantified the increase in the total cost of home ownership, noting that “the average annual cost of owning and maintaining a single-family home in the U.S. is 26 percent higher now compared to four years ago.” That’s a huge rise, and property taxes are partially to blame for it.
Looking Ahead to 2025 Property Taxes
Nassau County homeowners will need to get ready for some important communications from the County—and some important deadlines—in the weeks ahead. Here they are:
- January 2nd is a significant date, given that it’s the day that the County’s Department of Assessment will release its 2026/27 tax assessments, coupled with the first day that grievances can be filed to challenge those same assessments. We naturally recommend that you let Maidenbaum handle your grievance; letting us do the heavy lifting will let you relax, and give you the assurance that you’ll have the leader by your side. Get started here.
- Also on January 2nd, the County will issue the 1st half 2025 General Tax bills. To avoid a late penalty, this bill must be paid by February 10th.
- Further, January 2nd is also the deadline for homeowners to claim exemptions they may be entitled to. Please don’t miss this deadline: if you’re in the dark about which exemption you may be eligible to claim, please review our recent blog article on this topic.
- February 18th is another significant date for those living in many of Nassau County’ s incorporated villages: it’s the last day that one can file a 2025/26 village grievance. If you would like Maidenbaum to file on your behalf, we must receive your authorization form no later than January 28th (3 weeks prior to the deadline) so we have time to analyze and determine if you have a meritorious case. Click here to see if your village is included.
- In January/February, if you’re already a Maidenbaum client, you may be hearing from us with a communication concerning your 2024/25 property taxes; specifically, a bill for our services related to the reduction we obtained on your behalf.
- Finally, March 3rd is the filing deadline to challenge your 2026/27 assessment. Don’t miss this opportunity to save. Choose Maidenbaum today!
Maidenbaum Will Have Your Back in 2025
As you can see, January 2025 and the months that immediately follow will be a busy time, but that doesn’t mean it needs to be a frantic time. Remember, if you’ve decided to have Maidenbaum handle your tax matter, you can rest a lot easier than those who haven’t. Authorizing us takes just a few minutes and we’ll keep you “in the loop” through our client portal, so you’ll always be aware of the status of your challenge as it moves through the system. If you’d like to sign up or simply learn more about how the process works, please contact us today via our website or by phone at 516-336-8622. Don’t miss out on your chance to save!