Property Taxes

Our latest tax bills have generated a number of questions as some people were surprised by their increases. The school district's budget this year was under the tax cap as it has been every year since the law was passed. However, the County's reassessment definitely changed individual tax bills with winners and losers. Newsday reported on the number of homeowners whose taxes decreased or increased and, generally, by how much:

 

(Source: https://www.newsday.com/long-island/nassau/nassau-reassessment-school-taxes-1.50089205)

Generally, it has been reported that those who had been grieving their taxes saw the biggest increases under reassessment. Interestingly, one of the major tax grievances firms noted, "However, the countywide reassessment and the County’s Class one reassessment exemption are the primary driving factors why there has been a dramatic increase in School tax rates. The reassessment and the exemption greatly reduced the pool of assessed values, which in turn caused the School tax rates to increase in order to satisfy the budget." (Source: https://msllplaw.com/documents/Blog-20-21SchoolTaxes-MS.pdf)

Keep in mind that North Shore's tax rate per $1000 of full market value is relatively low for the Town of Oyster Bay. Here's the most recent data available from NYS:

 

Further, that $16.19 / $1000FV is a decrease from the previous fiscal year when it was $17.19.