A proposal for a village-wide property re-evaluation was introduced at the Monday, Feb. 9, Village of Great Neck Estates Board of Trustees meeting.
Mayor William Warner said the reassessment by Municipal Valuation Services Inc. Long Island would be done to make a homestead tax change to the code, which would tax condominiums based on its property assessments.
Condominiums, as well as apartments and co-ops, are currently assessed based on rental incomes, not home value.
“Typically, apartments, condos, and co-ops are undervalued,” said Tom Donato of Municipal Valuation Services Inc. Long Island, and the homesteading process was meant to correct this.
Warner said homesteading would apply to the condominium proposed at200 Middle Neck Road, if approved and to The Rose at Great Neck.
The Village of Great Neck, Lake Success, Russell Gardens, and Sea Cliff have all added the homestead tax.
Nassau County has its own assessment process that will not be affected by any village-level reassessment.
“The purpose of a reassessment is so everybody pays based on what their home is worth,” Donato said.
The last village-wide reassessment was conducted 14 years ago, and the village must still vote on whether to officially request a reassessment.
If the board requests a reassessment, Donato said it would be a year-long process.
Source: LI Press
