Is there a Residential Assessment Ratio for Nassau County?
No. This ratio is computed by New York State for each assessing jurisdiction except those, such as Nassau County, that have conducted a revaluation. Why are the residential levels of assessment so low? Until 2003 the County did not revalue property every year. Residential (Class 1) assessments were based on 1938 cost levels. The level of assessment had fallen to about 2% by 2002. On average a property worth $500,000 was assessed at about $10,000. Did the low assessments keep taxes low? No. The school districts, towns and the County raised tax rates as needed to produce the revenue they required from the property tax. Why has the residential level of assessment declined further since annual revaluations started? A court order directed the County to revalue residential property based on the current market and then set assessments at a uniform fraction that would equalize tax burdens across the County and within the school districts, towns and special districts. By law, this could not be
