Your property's assessed value, determined by Nassau County, affects your tax bill. Property tax exemptions, such as the STAR exemption, can reduce the taxable assessed value and therefore lower your tax liability.

Payments in Lieu of Taxes (PILOTs) are agreements between a business and an Industrial Development Agency (IDA) where a business pays a stabilized schedule of real estate taxes over a determined period, often to incentivize development or expansion. PILOT payments are distributed to tax jurisdictions similarly to standard tax payments and are often a net increase in revenue for the municipality compared to what a straight tax payment would have been for an underdeveloped property.

School district budgets, decided by the local Board of Education, significantly influence the school tax portion of your bill. These budgets involve balancing revenue and expenditures, considering existing and new programs, meeting contract obligations, and planning for the future.

New York State laws establish a "property tax cap," which limits the growth in the property tax levy, with some exceptions.

Local government budgets, developed and adopted by the respective taxing jurisdictions, determine the amount of revenue needed from property taxes. They subtract revenues from other sources (like state aid and sales tax) from the total budget to determine the tax levy

• The Nassau County Department of Assessment is responsible for determining the assessed value of properties.
   
• The Assessed Value, along with exemptions, is used to calculate your taxable assessed value for property tax purposes.
   
• For more information, check the Nassaucountyny.gov Website

• Valley Stream and Nassau County offer various property tax exemptions, such as the STAR exemption, Senior Citizens exemption, and Veterans exemption.
   
• These exemptions can reduce your taxable assessed value and thus lower your property tax bill.
   
• You can apply for exemptions through the Nassau County Department of Assessment. 
   
• For more information, visit the hempsteadny.gov Website

• The Valley Stream Central High School District budget is determined through a process that involves reviewing existing programs, considering future needs, meeting mandated expenses, and planning for physical plant maintenance.
   
• It also considers revenue sources like State Aid and the tax levy, and must adhere to the New York State tax levy cap.
   
• For more information, please visit the Valley Stream Central Website

• Your tax bill will typically show your taxable assessed value, the value of any exemptions, STAR savings, and the tax rate for each taxing jurisdiction.
   
• The amount you owe is calculated by multiplying your taxable assessed value by the property tax rate for each jurisdiction. 
   
• For more information, visit the tax.ny.gov Website

• The Town of Hempstead Industrial Development Agency is a public benefit corporation focused on promoting job creation through business growth and development.
   
• The IDA assists businesses with acquiring, equipping, and constructing various projects, often offering real estate tax exemptions through PILOT agreements. 
   
• For more information, check the Valley Stream Village Website or the Nassauida.org Website

• PILOTs are offered by Industrial Development Agencies (IDAs) to incentivize businesses to relocate or expand in Nassau County.
   
• They involve a structured schedule of tax payments over time, providing tax stability for businesses and often benefiting municipalities by promoting development and economic growth.
   

• For More information, check the Nassauida.org website