By Angela Marshall and Jonann Brady
Because the numbers are still in a very preliminary stage, the decrease could change based op a number of factors yet to be applied, such as exemptions, adjusted base proportions and school state aid formulas.
All village homeowners will receive tax-impact letters the week of Aug. 1 stating their property's new full market value and an estimated assessed value. The market value is the amount a buyer would pay a seller for property for sale on the open market when both are informed and neither feels pressure to complete the transaction. The assessed value is a multiplier used in conjunction with tax rates to determine the tax bill for a property. In Nassau the assessed value is set at one percent of the full market value. For example, if a house is worth $400,000, then the assessed value would be $4,000.
A survey of Baldwin properties, conducted by the county's real property reassessment agent Cole Layer Trumble, a private firm, found the average home within the Baldwin School District is worth $286,593. (The average Rockville Centre School District home is valued at $498,492, and the average Oceanside School District home is valued at $333,901.)
However, property values will vary from street to street. So some homeowners will see an increase in taxes while others will see a decrease.
Nassau County began the reassessment process in 2000 following a lawsuit by five African Americans claiming the current system overtaxes poorer homeowners.
The first Democratic-led county legislature agreed with the plaintiffs and called for reassessment
