County Executive Laura Curran is uncertain how the re-assessment of all Nassau residential and commercial properties will be valued.
Now the County website mynassauproperty.com assesses residential property at .25% of value but really it is .14% of value. For example – a typical 1,280 assessment is listed as a value of $512,000 using the .25% ratio. In reality, when we attend hearings, residential properties this year are assessed at .14% making the Nassau Assessor’s estimate of value $914,285. If your property was appraised at about $600,000 checking the county website you think you are under assessed at $512,000. My analysis reveals, you are very over assessed at $914,285 and I can get you an assessment reduction. The commercial assessment is listed at .1% of value but really it’s .06% of value. Confusing? It will be more confusing if the ratio of assessment to market value, also called the equalization rate changes again. Hopefully, we will know what the plan is in November so we can plan what to do in January.
Click here for Rick Fromewick’s blog