Remember the Reassessment? Here’s What You Need to Know for the 2021/22 Property Tax Filing Season

We hope you’ve had a memorable, worry-free summer, enjoying sun, sand and beaches with family and friends. (Don’t despair about the end of summer, there’s still time to enjoy a 1-Day Micro-Vacation on Long Island before the cold weather arrives).

In this article we hope to help you catch up on the latest developments of the Nassau County reassessment. We’ll get to the news shortly; but first, it’s always a good idea to check Maidenbaum’s continually-updated Tax Calendar to ensure you don’t miss any upcoming property tax deadlines (this calendar is downloadable and can be easily added to your Outlook, iCalendar, or Google calendar programs.) Please pay special attention to September 1 – that’s when homeowners can begin to authorize Maidenbaum to file 2021/22 tax grievances on their behalf.

Ok, So Where Do We Stand With the Reassessment?

Last year Nassau County began a county-wide reassessment process with the stated goal of bringing the assessed values of properties in line with their current market values. This was the first reassessment in many years. At the beginning of January 2019, County officials announced the release of tentative assessed values for the 2020/21 tax year which were posted to the official Nassau County site. This announcement followed a review period in which Department of Assessment personnel met with property owners to go over the new figures, address concerns about the new valuations, and in some cases, make adjustments. By the end of January, property owners began receiving hard copy versions of the new data in the form of a Notice of Tentative Assessed Value for the 2020/21 assessment roll. Due to the complex nature of the reassessment, the Assessment Review Commission (ARC) extended the deadline to file a tax grievance for the 2020/21 tax year from March 1, 2019 to May 7, 2019, giving taxpayers some much-needed breathing room.

Reassessment Transparency on the Rise

Putting all politics concerning the reassessment aside, it appears that – as of August 2019 – the residents of Nassau County are in a better position to evaluate whether the math used to calculate their reassessed property values was valid. This improved transparency resulted from Nassau County’s release of the actual computer code used in its Prognose software program in the form of a 239-page PDF. Thanks to the further contributions of a Great Neck resident who translated the complicated code into a user-friendly Excel spreadsheet, it’s possible for residents to decipher the various variables, operations, and formulas used to recalculate Nassau County property values.

Of course, increased transparency often brings new questions to the forefront.  Some taxpayers are asking about the way the software works and the results it produces. Others are debating the fairness and accuracy of the algorithm used to determine the assessments. We will keep you posted on this blog and via email as these questions are answered.

Reassessment Tax Impact

Another important development this summer concerned the potential tax impact of the reassessment. It’s long been known that the reassessment would redistribute the property tax burden across Nassau County, affecting some homeowners more than others. In July, new information was reported concerning the tax impact, and according to News12 NY, “more than 50% of residents in 10 of the County’s 19 legislative districts will see tax increases,” even if the proposed Taxpayer Protection Plan is enacted. (Right now, this plan is pending in the Nassau County Legislature).

How Will This Impact Your Own Wallet?

It’s encouraging to see more information emerge about the macro-effects of the reassessment, and if you have any doubts about whether Nassau County has fairly assessed your property, please get in touch with us. Reducing your potential property tax liability is especially important right now. The effects of the recent limitation on the Federal SALT deduction (state and local tax), which caps state and local deductions to just $10,000, will soon be felt by Nassau County taxpayers, so every dollar counts as the 2021/22 tax season begins.

There’s little doubt in our minds that controversy over the reassessment will continue. Our only concern is you – the Nassau County homeowner – and we pledge to do our best to ensure that you pay no more than your fair share of the property tax burden.

As the 2021/22 property tax filing season begins, we pledge to keep you up to date via this website and our e-mail newsletters in the coming months; we also hope that you’ll do what so many smart Nassau County residents have already done: let Maidenbaum handle your property tax grievance.