As Nassau County residents receive their 2023/24 school tax bills they may notice a reduced tax rate. This is good news, right?! Not necessarily, as it does not automatically mean a reduced tax bill. As Nassau County residents may remember, the County instituted a reassessment on all real property for the tax year 2020/21. To help residential property owners cope with large assessment increases from 2019/20 to 2020/21, the County offered up the “Taxpayer Protection Plan (TPP)” as part of the reassessment. The TPP exemption was intended to soften the blow of these increases by phasing in real property tax increases over a 5-year period, rather than burdening the owner with one large increased tax bill. Unfortunately, the TPP is also the perfect example of political leaders opting to kick the can down the road.
The 2023/24 tax year marks the fourth year of the TPP’s 5-year phase-in period so homeowners with large TPP exemptions are seeing tax bills soar despite decreased tax rates in a majority of school districts. As some homeowners have discovered, the only possible defense to these tax increases are annual challenges to reduce your assessment. While not everybody may have a case for a reduction, this certainly an excellent reason for homeowners to seek guidance by an attorney experienced in property tax assessment appeals.
Thank you to Nancy DeBiasi for this week’s Tax Tracker!