Plunging home prices may not lower LI taxes

The prices of Long Island homes are dropping with the slumping economy, yet property taxes remain high. While that seems contradictory, Nassau County Assessor Harvey Levinson explains how it happens.

News 12 Staff

Jan 18, 2008, 4:28 AM

Updated 6,029 days ago

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The prices of Long Island homes are dropping with the slumping economy, yet property taxes remain high. While that seems contradictory, Nassau County Assessor Harvey Levinson explains how it happens.
Home prices in Nassau and Suffolk counties are down from last year, yet more and more homeowners are challenging their property tax assessments as too high. Levinson says even if homeowners mount a successful challenge, property taxes won?t necessarily go down because of school spending.
Levinson says spending is out of control in many school districts, and increased spending leads to increased taxes.
As home prices skid, Levinson says he expects assessment challenges to jump 15 to 20 percent this year. This is in part, he says, because a change in the procedure now allows the cases to be reviewed in a timely fashion without costing homeowners millions in late refunds.
The grievance period for Nassau County homeowners to file challenges to their property assessments is Jan. 1 through March 3. Suffolk homeowners file grievances through their town halls.
To watch an extended interview with Levinson, go to channel 612 on your iO digital cable box and select iO Extra.
Related Information: Long Island Housing Partnership Multiple Listing Service of Long Island, Inc Long Island Volunteer Center Suffolk County Long Island Housing Services Volunteer Match


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