We hope you’ve had a great Summer 2022 and are welcoming the cooler weather that’s just ahead. We’d like to use this opportunity to apprise you of recent developments in the world of property taxes in Nassau County. Also, September 1st is the time of year when Nassau County homeowners can begin authorizing Maidenbaum to handle their tax grievances. So, now is the time to request a form and get the process started for the 2024/25 tax year – it’s always preferable to act early.
The LI Housing Market Isn’t Cooling Anytime Soon
Even though the Fed has recently raised interest rates, there’s nothing to indicate that this move is cooling the housing market in Nassau and Suffolk Counties, where surging home prices are largely being driven by a severe housing supply shortage. According to OneKey MLS — a company that studies real estate trends, the median price of a residential home in Nassau County hit $720K in July 2022, a 7.4 percent increase from 2021’s median price of $670K. In Suffolk, home price increases were even steeper: up 9.5 percent from $525K to $555K. Fortunately, these steep increases do not automatically translate into elevated property tax assessments.
The SALT Cap Remains
Back in 2017, SALT (State and Local Tax Deduction), a longstanding provision that allowed homeowners to deduct state and local tax payments from their property tax bills, was capped at $10K by the Tax Cuts and Jobs Act. While an effort was made in recent months to remove this cap and incorporate the removal within the recently passed and signed Inflation Reduction Act, this effort failed, which means we’re all going to have to live with the SALT cap for the foreseeable future.
Some Potential Property Tax Relief For Seniors and First-Time Homebuyers
In August 2022, New York’s governor signed a legislative package designed to help elderly Long Island residents and first-time homebuyers reduce their property tax bills. Bill S.3085A/A.3956A allows localities — including Nassau County — to increase the income that property owners over the age of 65 may earn for the purpose of eligibility for the senior exemption from $29K to $50K. Another provision, Bill S.8890/A.9135, extends the option for local municipalities to provide a property tax exemption for first-time homebuyers purchasing newly constructed homes through 2028. (This option was set to expire at the end of 2022). The Nassau County Legislature must opt into these provisions for them to become effective here.
Meet Maidenbaum This September
Maidenbaum enjoys supporting the many wonderful fairs and festivals that happen in Nassau County at this time of year, and we hope you’ll join us at one of these great events. Look for the Maidenbaum banner and please stop by to say hello! Here are the events we’ll be at in September:
September 10th: Levittown Kiwanas Community Day
Located in the L2 Parking Field behind the Tri County Flea Market, this event features a huge vendor fair, slides and rides for kids, and live entertainment. For more info, go to: https://lifairs.com/
September 17th: Hicksville Fair Chamber of Commerce Street Fair
This fun event – located at Jerusalem Avenue from W. John Street to Herzog Place – features a craft and merchandise bazaar, multiple rides for kids, a food court, live music, and more. For more info, go to: https://www.fairsandfestivals.net/events/details/2022-hicksville-street-fair
September 25th: Sons of Italy in Massapequa
This annual Italian Feast and Festival will happen along North Broadway in North Massapequa. Come by to enjoy the great treats, festive events, and good vibes. For more information, go to: https://www.columbuslodge2143.org/annual-feast/
We’re Here to Help
Reducing the assessed value of your property to a fair and reasonable value can potentially lessen the burden of high tax bills. Filing a property tax grievance in Nassau County is a savvy maneuver for any applicable homeowner, and there’s no better way to maximize this reduction than by choosing Maidenbaum to represent you. Remember, there’s absolutely no risk to you: even if your property is accurately assessed, and no reduction is warranted, there’s no fee to you (if your matter happens to go to SCAR (Small Claims Assessment Review), the court-imposed filing fee is just $30).
We hope that you’ll choose Maidenbaum to represent you for the 2024/25 tax year. 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.