Long Island Property Taxes: Essential Tips for Homeowners

Property taxes are a significant part of the cost of living on Long Island, and recent changes are likely to impact homeowners’ wallets. Whether you’re planning to buy, sell, or stay in your current home, understanding these updates is crucial. Here’s what’s happening and what you can do to potentially reduce your property tax burden.

The End of the Taxpayer Protection Plan (TPP) Exemption on Long Island

The Taxpayer Protection Plan (also called the “5-Year Phase-In” exemption) was introduced in the 2020/21 tax year to help Nassau County homeowners adjust to new property tax assessments. However, this exemption period has officially ended. Starting with the 2025 tax year, homeowners will now be taxed on 100% of their property’s assessed value. This marks a significant shift and will likely result in higher property tax bills for Nassau County residents.

Why Property Taxes Are Rising Across Long Island

Long Island homeowners are facing increasing property tax rates for several reasons:

1. Budget Increases: Rising budgets for local towns and school districts have led to higher tax rates.
2. End of the TPP Exemption: With the phase-in period now over, homeowners are seeing the full impact of their property’s assessed value.
3. Decline in STAR Exemption Benefits: The New York State STAR (School Tax Relief) exemption has decreased for many residents, further adding to the financial strain.

These factors combined mean higher property tax bills for many Long Island homeowners.

Can You Reduce Your Property Taxes?

The good news is that there are ways to potentially lower your property taxes. Changes in real estate market trends and assessment levels can influence your eligibility for a tax reduction. For 2025, Nassau homeowners are likely to benefit from a favorable change in the level of assessment, making this a great time to file for a tax grievance.

Here’s what you need to know:

• What is a Tax Grievance? A tax grievance is a formal process that allows homeowners to challenge their property’s assessed value and potentially reduce their property taxes.
• Why File Now? With the TPP exemption gone and assessment levels changing, you may have a strong case for a reduction. Filing could result in significant savings on your property taxes.

Important Tax Grievance Deadlines

• Nassau County Application Deadline: March 1, 2025
• Suffolk County Application Deadline: May 20, 2025

Don’t wait until it’s too late to file your tax grievance and explore your options for reducing your property taxes.

How This Affects Buyers and Sellers

If you’re planning to sell your home, understanding property taxes and their impact on potential buyers is key. High taxes can influence buyer interest and the final sales price of your home. Addressing tax grievances before listing your home could make your property more attractive to prospective buyers, giving you a competitive edge in the market. For buyers, knowing the tax landscape can help you make informed decisions, negotiate effectively, and budget accordingly.

Additionally, lowering your property taxes through a successful grievance can increase your home’s marketability, making it more appealing in a competitive real estate market. Buyers often prioritize lower monthly costs when evaluating homes, and a reduced tax burden can make a significant difference.

Let’s Navigate Long Island Taxes Together

As a real estate professional specializing in Long Island properties, I’m here to help you understand how these changes impact your homeownership journey. Whether you’re buying, selling, or simply looking to lower your monthly costs, I’d love to guide you through the process.

Property taxes play a critical role in the cost of living on Long Island, but you don’t have to face these challenges alone. Together, we can strategize to make your home more marketable or reduce your tax burden, ensuring you’re making the most of your investment.

For more information about living on Long Island, selling your home, or navigating property taxes, don’t hesitate to reach out. Let’s take the stress out of property tax concerns and help you achieve your real estate goals.

Stay tuned for more updates and tips on how to thrive as a Long Island homeowner!

Frequently Asked Questions About Property Taxes on Long Island

What is the Taxpayer Protection Plan on Long Island? The TPP was a temporary exemption to help Nassau homeowners adjust to updated property assessments. It ended in 2025, meaning taxes are now based on 100% of assessed value.

How do I file a tax grievance in Nassau County? Filing involves submitting an application to challenge your property’s assessment. Many homeowners choose to work with professionals to ensure the best outcome.

How do I file a tax grievance in Suffolk County? Similar to Nassau County, Suffolk homeowners can file an application to challenge their property’s assessment. Professional assistance is often recommended for navigating this process effectively.

What happens if I miss the property tax grievance deadline? Unfortunately, missing the deadline means waiting until the next grievance year to file, potentially missing out on savings.

Need Help Answering Questions About Your Long Island Home? Lisa Adragna Can Help!

Are you thinking about selling your home in Nassau County, NY? Look no further—Lisa Adragna is here to guide you every step of the way. With over 14 years of experience in Long Island real estate, Lisa brings a unique combination of motivation, perseverance, and consistency to ensure your home-selling process is smooth, efficient, and successful.