As Home Prices Soar, Nassau County Property Values Will Be Frozen To Avoid Property Tax Spike
Nassau County Executive Laura Curran has frozen property values to avoid reassessments during a spike in home prices. That means residential and commercial property values in 2022 will stay the same as 2021.
Curran said taxpayers need stability as they face economic hardship not seen since the Great Depression.
“Due to the uncertainty and the chaos in today's real estate market caused by the pandemic, and the continued economic hardships of our homeowners and our businesses, I am announcing a pause on property assessment valuation updates,” Curran said.
The housing market has seen bidding wars due to the economic shutdown last spring, and an exodus of New York City residents moving to Long Island this summer.
Curran said the freeze will keep the real estate market strong by keeping housing assessments where they are.