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In a few weeks, every property in Nassau County will have a new assessment, a new ratio of assessment to market value and a new market value. The assessment by itself is only part of the tax bill. Since almost all Long Island properties are assessed at only a fraction of true value; it is the ratio of assessment to market value that indicates the market value the assessor is using to tax your property. If a property is assessed at 1% then you have to multiply the assessment by 100 to find the market value the assessor is using to tax your property. If the ratio is .25% you have to multiply the assessment by 400.

Incredibly, the assessment ratio on the MyNassauProperty.com website has been out of date for 8 years. Your new assessment should be checked to see what market value the assessor is using to tax your property.

Let the taxpayer beware!

 

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