MEDIA CONTACT: Randolph Yunker (516) 571-5048
April 2, 2007
2007-08 FINAL ASSESSMENT ROLL ADOPTED BY BOARD OF ASSESSORS
(Mineola, New York) Assessor Harvey Levinson today announced that the Board of Assessors unanimously adopted the 2007-2008 Property Assessment Roll for Nassau County. The final total assessed market value for all classes increased over 21.7 billion dollars to $293,415,516,300, or 8%, over last year’s roll.
The 2007-2008 assessment roll is the first roll outside of the jurisdiction and supervision of the New York State Supreme Court.
In an attempt to help homeowners to slowly adjust to the levels of taxation that are imposed by the myriad of taxing jurisdictions each year, Assessor Levinson introduced a resolution at the June 7, 2005 meeting of the Board of Assessors freezing the Level of Assessment on residential properties beginning with the 2007-08 tax year. By passing this resolution, the Board insured that (except for value added on to a property due to additions and renovations) assessment increases will be capped by six percent each year and 20% over five years, no matter how high the real estate market rises.
Assessor Levinson also reinstated the cap (suspended under the previous administration) which phased in assessment increases in equal amounts over a five-year period for commercial properties and high-rise condominiums, to help commercial properties, including “Mom and Pop” stores, in struggling downtown areas.