MIA at 240
01-06-2011, 11:50 AM
We are almost done with the first week of January and the residents of Nassau County have not received their assessment notices yet. Where are they? Why aren't they out yet? What are they hiding?
Of course, this year you will receive one of four possible assessments according to the County's press release, whichever is lowest. This totally goes against the fact that a lower assessment does not mean lower taxes. After a full year, the fact that the Mangano administration does not get this is really shocking, but I guess not surprising.
Even worse is that they are going to use the sale price as the assessment if the property sold in 2010 and it is the lowest of the four assessed values. This is called "sales chasing" and is a major assessment no-no. In a falling market (which we are in), sales chasing may cause a ratio study to arrive at an inaccurately high taxable value. No credible assessing entity would ever use the sales price as the assessed value.
Also, remember the value you get this year is going to be "frozen" for the next four years. Anyone here think the housing market is going to be "frozen" for the next four years? I can see the letters from the Fred Perrys and Shalom Maidenbaums of the world now. "The County has frozen your assessment in a declining market, you could be paying too much in property taxes! File your grievance with us!" (at no cost, so why not...even if you think the assessment is correct. It's like the lottery 'Hey, you never know!').
Look forward to 100,000 more challenges filed this year.
http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/1-3-2010a.htm
Of course, this year you will receive one of four possible assessments according to the County's press release, whichever is lowest. This totally goes against the fact that a lower assessment does not mean lower taxes. After a full year, the fact that the Mangano administration does not get this is really shocking, but I guess not surprising.
Even worse is that they are going to use the sale price as the assessment if the property sold in 2010 and it is the lowest of the four assessed values. This is called "sales chasing" and is a major assessment no-no. In a falling market (which we are in), sales chasing may cause a ratio study to arrive at an inaccurately high taxable value. No credible assessing entity would ever use the sales price as the assessed value.
Also, remember the value you get this year is going to be "frozen" for the next four years. Anyone here think the housing market is going to be "frozen" for the next four years? I can see the letters from the Fred Perrys and Shalom Maidenbaums of the world now. "The County has frozen your assessment in a declining market, you could be paying too much in property taxes! File your grievance with us!" (at no cost, so why not...even if you think the assessment is correct. It's like the lottery 'Hey, you never know!').
Look forward to 100,000 more challenges filed this year.
http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/1-3-2010a.htm