By Angela Marshall
Because the numbers are still in a very preliminary stage, the increases and decreases could be reduced by a number of factors yet to be applied, such as exemptions, adjusted base proportions and state aid formulas. County taxes make up about 20 percent of the total property-tax bill.
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 1 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 village properties, conducted by the county's real property reassessment agent Cole Layer Trumble, a private firm, found the average home within the East Rockaway School District is worth $290,417, the Lynbrook School District is worth $350,708 and the Malverne School District is worth $287,526.
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 - a process last undertaken six decades ago. They were soon joined by then County Executive Thomas Gulotta and Charles O'Shea, chairman of the Board of Assessors.
The reassessment process will not be completed until January 2003. Condo, co-op and commercial property owners will receive tax-impact letters in late August.
Villagers have until Nov. 15 to challenge the full market value assigned to their home. Residents who believe the figure in their letter is incorrect should make an appointment with a representative of Cole Layer Trumble by calling (516) 873-9701. After Nov. 15, residents must file a formal grievance with the Nassau County Assessment Review Commission to protest.
"The success of this first residential reassessment in over 60 years can only be achieved through the active participation of all property owners and I am confident that this project will become a successful model for other assessment departments throughout the country," O'Shea said.
The new home values will also be used to decide school, village, town and special district property taxes. School taxes make up the largest portion of the tax levy at about 60 percent.
Incorporated villages such as East Rockaway, Lynbrook and Malverne will have the first opportunity to use the new values in the June 2003 taxes. The first county and town tax bills to use the new numbers will be in January 2004.
