A Word From The Publisher





In today’s world of taxes, taxes and then more taxes, it is astonishing that more people are not complaining. That having been said, we recently received a press release from Legislator Nicolello who, as well as other Nassau Republicans, has introduced a new law placing a freeze on property tax reassessment. According to that release, some residents are now paying up to 300% increases- a startling figure! We agree with Legislator Nicolello who stated that “We are watching our young people and senior residents leave Long Island. Our families are being torn apart because no one can afford to remain here or start a life here due to the exorbitant costs of living on Long Island and a big part of that is runaway taxes.”

What is the new law’s answer to this?

The interesting thing is that this legislation is very timely, for the County is no longer obligated by law to reassess your home annually, and this is why the Republicans decided to act now. The law requires a 5-year-freeze until the year 2013. In addition, home owners may also decrease their reassessment in 3 ways:1. The assessed value can decrease if the County’s ongoing appraisals reflect a decrease in fair market value of the property; 2. All owners may still challenge their assessed value through a tax certiorari proceeding and 3. If a property is sold at a price lower than the value placed on the property by the Assessor, the lower amount shall become the new assessed value.

If the assessed value goes down because of any of those three ways, then the new lower value becomes the new cap for the remainder of the 5-year freeze.

With the way things are going lately, with property taxes and school budget taxes increasing every year, this new legislation is certainly a breath of fresh air! While opponents of the bill may have some good points, high property taxes are something that need to be addressed for the good of all Long Island homeowners.

Meg Morgan Norris

Publisher




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