The Tax Payer Protection Plan - 5 year Phase In

The 2024/25 tax year marks end of the The Taxpayer Protection Plan - 5 year phase-in. What does this mean and how does it affect you?

Simply put, it means an increases in property taxes for Nassau County homeowners. The 5 year phase in will no longer apply an exemption to your property and you will pay taxes on 100% of your new assessment, for the first time since the new assessments were instituted.

When the county re-assessed property values to begin being used for the 2020/21 tax year, all increases in assessments were to be slowly phased in during a 5 year period. Essentially to ease the burden of property tax increases.

In the 2020/21 tax year homeowners received an 80% exemption on their assessment increase and only paid 20% of the increase.

In 2021/22 homeowners received a 60% exemption and only paid 40% of the increase. So on and so forth. (See schedule in illustration.)

In the 2024/25 tax year homeowners will see the highest tax bill since the new assessments were incorporated, combined with increasing tax rates, homeowners will receive tax bills at record highs.

The Tax Payer Protection Plan Exemption Schedule Based on a 150 point Assessment Increase