What is a property assessment and how is it determined?
assessment is a percentage (also known as the Level of
Assessment) of the Market Value of your property. The assessed value of residential properties in Nassau County is .25 percent (or .0025) of the Full Market Value. The
assessed value of commercial properties is one percent
of the Full Market Value.
Department of Assessment is responsible for developing
fair and equitable assessments for over 418,000 residential
and commercial properties in Nassau County on an annual
basis. To accomplish this, the Department utilizes a
Computer Assisted Mass Appraisal (CAMA) system to generate
property assessment values. The values for residential properties are primarily developed by comparing sales from 2010 and 2009 to other properties with similar characteristics within your neighborhood. Factors such as location, quality, age, unique features, architectural style and square footage of a residential property are taken into consideration. Commercial
properties are typically valued using an income approach
along with comparable sales.
What role does the annual assessment of my property play in determining my property taxes?
assessment represents the proportionate share of the
total value of all assessments in a taxing jurisdiction
in which you own property, such as a school district. Your proportionate share of the total assessed value determines the share of taxes you will pay to the school district. The same principle holds true for taxes to the County, Town, and special taxing districts. Assessments
simply determine how the tax levy will be apportioned
among all of the property owners in a taxing jurisdiction.
Is my property assessment a tax?
No, it is not. The assessment notice is the estimated market value of your property. Assessed values are used along with the tax levy to calculate a tax rate. The taxes you pay are calculated by multiplying the tax rate by the assessed value of your property.
my property taxes go down if my assessment goes down?
necessarily. To demonstrate the relationship between
assessments and taxes, consider the make-believe hamlet
of Any Village, which is a community of two homes.
Each resident owns a house valued at $100,000. Any
Village’s property tax levy is $2,000 which is
the amount needed to cover its expenses. Since each resident
owns 50% of the total property value, they each pay 50%
of the levy giving them each a tax bill of $1,000.
property values in Any Village go down 10%, then
each property is assessed at $90,000. The amount they
pay in taxes, however, remains the same because the tax
levy amount has not changed, even though the assessment
has declined. Each resident still owns 50% of the total
property in Any Village and must pay 50% of the $2,000
tax levy, which is $1,000. Even if the properties’ assessments
increase to $110,000 each, the taxes stay exactly the
same. They each still own 50% of the total property and
Any Village still needs to collect $2,000, therefore
they will continue to see a $1,000 property tax bill.
An increase or decrease in the assessment of an individual property is not an indicator of whether the tax bill for a property will go up, down, or remain the same.
How do I check to see
if my property’s inventory records are correct?
When reviewing your records on the Department of Assessment website www.mynassauproperty.com,
you should select the “Property Description” and “Property Sketch” links to make sure that the information posted is accurate. For example, homeowners should check whether or not the architectural style, living area (i.e. number of bathrooms, finished basement and/or attic, presence of garage, etc.), lot size, and condition of the house are correct. If you discover an error, you should contact the Department of Assessment by e-mail: firstname.lastname@example.org
or by calling (516) 571-1500.
What is the STAR exemption program?
STAR is New York State's School Tax Relief Program provides a partial property tax exemption from school taxes. All New Yorkers who own and live in their home - whether it's a condominium, cooperative apartment, manufactured home, farm dwelling, apartment building or mixed-use property - are eligible for the STAR exemption on their primary residence.
There are two parts to the STAR property tax exemption:
- The Basic STAR exemption is available for owner-occupied, primary residences with an annual household income of $500,000 or less.
- The Enhanced STAR exemption
is available for the primary residences of senior citizens
(age 65 and older) with yearly household incomes not
exceeding the statewide standard ($79,050 for the 2010
tax year.) For property owned by a husband and
wife, or by siblings, only one of them must be at least
65 years of age as of December 31 of the year in which
the exemption is being applied. The combined annual
income, however, must not exceed the STAR income standard.
Did the NYS end the STAR exemption program?
No. The Basic and Enhanced STAR exemption
program is still in effect. The special “STAR Rebate Check” program
was terminated after two years because of State budget
Other than the Basic and Enhanced STAR programs, does Nassau County offer any other exemptions to homeowners?
Yes. In addition to the Basic and Enhanced STAR programs, qualifying homeowners can apply for a Veterans, Senior Citizen, Cold War Veterans, Volunteer Firefighters and Ambulance Workers, Limited Income Disability, or Home Improvement exemptions. Exemptions
brochures and applications can be accessed on the Department
of Assessment homepage www.nassaucountyny.gov/agencies/Assessor/index.html.
In general, what documents will I need to file for a property tax exemption?
are two categories of property tax exemptions: Income-Based
Income-Based property tax exemptions include Basic STAR (For owner-occupied homes with an annual income of $500,000 or less) and Enhanced STAR (For seniors 65 years and older with an annual household income under $79,050); Low Income Senior Citizens and Limited Income Disability exemptions (Under $37,400); and the Eligible Funds Veterans exemption
(see brochure for details.)
To file for the Basic and Enhanced STAR exemptions, homeowners will be required to provide copies of their latest recorded Deed, Federal or State Income Tax Return and Proof of Residency (Drivers License/Vehicle Registration).
To file for the Low Income Seniors or Limited Income Disability exemptions,
homeowners are required to provide copies of their latest
recorded Deed, Federal or State Income Tax Return, Proof
of Residency (Drivers License/Vehicle Registration),
and all supporting income documentation used to file
Income Tax Returns (1099’s, Interest and Dividend
Non-Income-Based property tax exemptions include the Volunteer Firefighter and Ambulance Worker, Cold War Veterans, and Alternative Funds Veterans exemptions.
To file for the Volunteer Firefighter and Ambulance Worker, Cold War Veterans, and Alternative Funds Veterans exemptions, homeowners are required to provide copies of their recorded Deed, Proof of Residency (Drivers License/Vehicle Registration), Copy of Discharge Papers (DD214), and a Letter from Chief of Department listing years of service (when applying for the Volunteer Firefighter and Ambulance Worker exemption only.)