Nassau County announced a freeze on tax assessed values for 2022-2023. So, why are property tax bills still going up?
While promises of property tax help from the government always sound great, all too often they end up seeming to do more harm to taxpayers and property owners than good.
This certainly seems that it may be the same case here. Not only failing to deliver much needed relief, but actually doing more harm than good.
Tax Freeze?
Like previous tax freezes and caps, Nassau County property owners are still seeing their property tax bills going up a lot.
As we saw with so called property tax caps, bills went up anyway. Either they didn’t apply to every line on your tax bill. Or they could just be broken through by school districts at their discretion anyway.
In this case, increases on tax assessed values are meant to be frozen on most properties. Remember that is only a part of what makes up your property tax bill.
It is your assessed value multiplied by your tax rates that determine the amount of your annual bill. So, if tax rates keep on being hiked, then your bill still goes up anyway.
Lucky Or Questionable Timing?
It could be pure luck. Though others might believe it to be another well timed stunt.
In effort to create more tax ‘fairness’, Nassau County recently revalued all properties in the county, at what seemed to be the peak in the market. Maximizing their tax revenue potential.
Then instead of following their promise to revalue properties every year to stay current, they decided on an assessment freeze. Which just so happens to have come as the market appears to be declining again.
In other words, property owners are being locked into high valuations.
How To Lower Your Property Taxes
It’s no secret that NY has a predatory and seriously questionable property tax system. That may be at its worst in places like Nassau County and across Long Island.
The great news is that you don’t have to rely on hollow promises or stunts. You have the right to file a property tax appeal, and get your assessed value and bill corrected. It could save you thousands of dollars every year.
Get in touch with Property Tax Adjusters, Ltd. for help with lowering yours.