Published on February 27th, 2021
A Breakdown of the New Exemption
Aventine Properties | 3 min read
The Nassau County Tax Payer Protection Plan will start going into effect this year. The TPP states that over the next five years any changes in property taxes that occurred during the reassessement of 2018, will be phased in. The reassessment that occurred on Nassau properties showed that almost 95% of homes have increased in market value, which is not surprising since assessments have been frozen for 9 years.
These changes are due to previous administrations in Nassau County who failed to keep up with property assessments. Since 2011, the majority of homes have been taxed at a lower value that does not reflect the updates and improvements made over the course of 10 years. In 2018, the county executive finally ordered a reassessment of all properties so that they can be taxed at their true value. However there could be some drastic changes for some tax bills, which is where the TPP comes into place. They want to slowly ease into these changes rather than jump straight in.
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The TPP will work with exemptions that will be applied to your property market value. For example, let’s say your home was reassessed and its value increased $100,000; for the first year your home will be exempt of 80% of that value so you would see a $20K increase in your home value. Let’s imagine your home went from $400K to $500K, your tax bill will show that your home was taxed at $420K that first year. The following year it would be taxed at $440K and so on and so forth until you are being taxed at the full $500K value. The same thing applies to homes whose values have decreased.
The TPP will not apply to commercial properties, it solely applies to class one residential properties. It will also only affect your assessment for county, school and town taxes. Your village or city taxes will not be exempted by the TPP. The TPP will not affect any other exemptions such as STAR, senior, and veteran exemptions. The TPP will be applied over those exemptions.
Instead of an immediate change the TPP is helping homeowners gradually shift into the new tax implementations. So on one hand your property is worth more 😊 but on the other your tax bill just doubled which is why we encourage everyone in Nassau county to hire Aventine Properties to grieve their taxes before the deadline of May 2nd, 2022.