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 at 200 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.
“Over time, assessments get eroded—either by certain blocks becoming really hot or cooling down,” Donato said. Assessments can be eroded due to being reduced by small claims assessment reviews or SCARs as well.
Donato explained that a computer-assisted model would analyze the values of all 956 parcels in the village.
The firm would then verify using aerial photography whether there were any updates or additions to each home.
Then it would send mailers to residents, asking them to verify a property description detailing the different parts of their home.
An informal assessment process would follow during which the contractor would listen to any resident petitions to lower assessment values.
“It’s as transparent as can be,” Donato said. “There’s no black box here.”
“I know you keep saying transparency,” resident Allen Lip said. “It sounds to me that what you’re describing is only transparent if they make an appointment with you…you know that 98, 99% of the homeowners are not gonna make an appointment with you.”
Resident Eli Nafisi said he thought the comparative market analysis, CMA, which goes to determine the evaluation, should be public. “Everyone’s CMA should be available online,” Nafisi said.
Donato said the documents were part of the working papers and would only be presented when asked for by residents.
The board unanimously passed an extension of building permits for 3 Tulip Drive, which is currently under construction.
The board also unanimously signed off on a $1,450 monthly LI Geese Control Agreement as well as a $2,000 Gold Coast Arts agreement.
The police department will also hold a scam prevention seminar on Tuesday, Feb. 17, at 2 pm in the village hall.
