How have real estate market conditions in Nassau County affected assessments?
Due to the economic collapse that began in the third quarter of 2008, the real estate market in Nassau County for both residential and commercial properties has experienced a significant downturn. The assessed values produced by the Department of Assessment have reflected the decline in the market conditions. For the second consecutive year, the vast majority of residential assessed values have dropped. This year, most residential assessed values once again declined, in addition to a 17% average decrease last year. Assessments for commercial properties this year are declining by over 20% on average. The actual decrease in a property’s assessment depends on a wide range of factors such as the location, the type of property, and the size of the property.
