Exemptions

The Village tax is based on the amount of money needed to fund services provided by the village government. The annual tax rate varies year to year on each $100 of assessed valuation. The tax rate is arrived at by first establishing an annual budget. All costs of running the Village for the coming year are included, except for the Golf Course and sanitary sewers, both of which are separately funded. The budget must be approved by the Village Board by the first Monday in May after a public hearing in April. Once adopted, the budget must be followed, unless amended by a majority vote of the Board of Trustees at an announced public meeting.

Taxes must be paid by July 1st. Late penalties begin to be assessed on the 2nd business day in July.

Anticipated income from state aid, license fees, interest, building permits, fines, etc., and any surplus from the previous year is subtracted from the approved budget leaving the amount to be raised by the real estate property tax.

Your tax dollar goes to pay for garbage collection, police protection, public works, street lighting, building maintenance, parks and recreation, building inspection, debt, fringe benefits, insurance, administration, court costs, etc.

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Tax Collection

Village Tax bills are forwarded to residents or tax collection agencies on the last business day in May of each year. The bill covers the fiscal year beginning June 1st and ending May 31st. Taxes are payable during the Month of June through July 1st without penalty. Thereafter a 5% penalty and interest charge is added for the first month or fraction thereof on taxes that are outstanding, and an additional small percentage is added each month or fraction thereof. This charge for penalty and interest is mandated by the State of New York under the Real Property Tax Law.

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The Village of Lake Success uses the Nassau County Assessment Roll for assessed valuation on residential properties only. Where an improvement has been made since the latest County Roll, the Village Board of Assessors will determine an assessment value until such time as the County assesses the improvement.

After the revaluation process is completed, all assessments for Village Taxes will be made by the Village Board of Assessors and will have no connection with assessments made by the County for School, Town or County taxes.

Grievance Day is the third Tuesday in February. The Board of Trustees and the Board of Assessors sit together as the Board of Assessment Review at the Village Hall, 318 Lakeville Road, Lake Success, for the purpose of hearing complaints in relation to assessments. Complainants must file with the Village Clerk and Village Treasurer on or before the third Tuesday in February, a statement, under oath, specifying the respect in which the assessment is incorrect.

The Assessment Roll must become finalized no later than April 1st of each year. When the roll is finalized a thirty day period begins during which petitions and notices (writs of certiorari) may be filed with the Board of Assessors if the property owner is not satisfied with the determination made by the Board of Assessment Review. This means that the petitioner will be asking for a review in the courts.

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On October 18, 1983, Local Law #3-1982 was passed by the Village Board of Trustees granting partial exemption from real property taxation for real property owned by certain persons with limited income who are 65 years of age or older. The total maximum income of property owner or owners (jointly) is no more than $26,000 subject to change yearly in order to qualify. Other qualifications are that the property be owned by the applicant for at least 60 months, used for residential purposes only, be the legal residence of the applicant, and be occupied in whole or in part by the applicant.

Applications may be obtained from the Village Office and must be submitted annually to the Village Assessor prior to January 1st, Taxable Status Day.

Real property purchased and owned by persons who receive eligible funds from the United States or New York State for military or naval service may apply for a Veteran's Exemption.

Applications may be obtained from the Village Office and must be submitted to the Village Assessor prior to Taxable Status Day which is January 1st for the tax year beginning the next June 1st.