Once again, @JoeFan puts his creative sphincter to good use. It’s truly awe-inspiring — almost Trumpian.
Nassau County’s assessor is proposing to reassess every property in the county to remedy gross disparities in valuation. This would cure the fact that some taxpayers overpay and others underpay. It would change each individual taxpayer’s share of the overall tax burden, but would have absolutely no impact on the overall tax levy. Here’s a link to the
assessor’s official explanation. Lots of other articles are easy to find.
There are a couple of practical problems with the assessor’s plan. First, she wants to phase the reassessments in over 5 years. This would be unfair to owners unlucky enough to be reassessed in the earlier years. Thus, she has proposed a transitional cap to smooth out the impact.
Second, state law caps assessment changes at 6% per year and 20% over 5 years. Many properties are undervalued by way more than 20%. Thus, the assessor is proposing a legislative workaround.
The 25% figure @JoeFan quotes as a “tax increase” is nothing of the sort. It is the proposed “level of assessment”, which is the target ratio between home value and tax rate — i.e. a $500,000 home gets assessed at $125,000. The same ratio is used for every property, so if every property is updated regularly, the ratio makes no difference. (In New Jersey, we call this the equalization ratio, but it’s the same thing.)
Note that the cropped photo @JoeFan uses probably shows much of this. It conveniently cuts off the left column, which presumably shows why this hypothetical property owner’s taxes would increase, as well as the bottom row showing the transitional cap protection.
And yet, only the leftist media lies.
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