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Richard Fromewick Authors, "2020/21 Nassau Re-Assessment Woes"

Feb 15, 2019

It is shocking how many times a day prospective clients complain about the market value increases on their commercial or residential property. The protest period is now.

Actually, the increase or decrease in assessment or market value is relatively unimportant. What is vital is the new market value and how it compares to reality. That is why you need to have an expert compare the re-assessment value with what the property is worth for TAX ASSESSMENT PURPOSES. Building a very expensive home should not be assessed at that cost if it is out of line with the average values of homes in the area. A retail store should not be assessed based on its lease if it is a franchise property and assessed much higher than locally owned similar size stores.

Assessments are supposed to be uniform and true to market values; the current re-assessment has placed many properties outside of the proper valuation.

Click here for Richard Fromewick's Blog.