We hope you had a great holiday season and that your new year is treating you well thus far. While it’s far too early to tell exactly what kind of year 2022 will be from a Nassau County property tax perspective, it’s clear there are certain things that taxpayers can rely upon – and be concerned about – as this new year unfolds.
A property tax rebate may be in the offing this year.
Both outgoing County Executive Laura Curran and incoming County Executive Bruce Blakeman pledged to reduce the property tax burden in Nassau County during their campaigns, but specifics on how this will be accomplished have yet to be determined. Mr. Blakeman recently stated that property tax relief would be “a priority in 2022” and we have no reason to doubt him.
Such relief is fiscally possible. Right now, Nassau County has enough surplus funds (more than $120 million) on hand to provide some measure of tax relief in 2022. It would not be unreasonable for Blakeman to announce some measure apportioning this surplus for property tax relief (provided such apportionment does not run afoul of any superseding NY State provisions).
In Albany, Governor Kathy Hochul recently proposed a $1 billion property tax rebate that could happen this year, her office stating that such a rebate program would cover 2 million New Yorkers, “with low-income households and seniors receiving higher benefits.” Under the Governor’s plan, eligible homeowners will receive their benefit in the Fall of 2022. Such a plan would naturally need to be voted upon in Albany before becoming law.
The Nassau County residential real estate market has seemingly slowed down, but values remain high.
While home values in Nassau County have risen markedly in the past two years, their future path remains uncertain. Valuation increases since 2019 have largely been driven by 1) the outmigration of city-dwellers searching for homes in less dense areas with enough room to comfortably work at home, and 2) preexisting low inventories of housing. While outmigration has abated since 2020, low inventories persist, which have kept prices high.
Inflation remains a growing concern.
Inflation, which makes everything more expensive by eroding the value of your dollar, is rearing its ugly head in a way we haven’t seen in years. According to the New York Times, “the Consumer Price Index climbed 7 percentin the year through December, and 5.5 percent after stripping out volatile prices such as food and fuel. The last time the main inflation indexeclipsed 7 percent was 1982.” Inflation doesn’t just pose a direct threat to your wallet in the form of reduced purchasing power; it may also manifest itself in rising interest rates, which can make home ownership more expensive for anyone who hasn’t locked in a fixed-rate mortgage. While the nightmare scenario of “stagflation” (with prices rising while economic output decreases) isn’t upon us yet, inflation will likely remain a worry throughout 2022.
Yes, it pays to grieve your assessment.
We’ve said this before but it bears repeating: it’s a smart move to grieve your residential property tax assessment (and it’s an even smarter move to let Maidenbaum handle your grievance). Given that Nassau County School and General tax rates tend to rise each year — and that the assessed value of your property is multiplied by these ever-rising tax rates – you may be paying more than your fair share of Nassau County’s property tax burden. Grieving gives you a chance to correct any errors that might be in your assessment and bring Nassau County’s data on your property in line with reality.
Remember: there’s zero downside to grieving. There’s no chance that the County will increase your property’s assessment because you filed a grievance. Grieving, and grieving repeatedly, is a zero-risk option with only two possible results: a reduced assessment or an assessment that stays the same.
Finally, please remember: Maidenbaum is here to help. We’ve helped thousands of Nassau County homeowners realize millions of dollars in savings and we hope you’ll choose us to handle your grievance. 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.