Dear Friend
Happy Spring!
If you received an impact statement notification from your town saying that your assessment has gone up, we have resources to guide you if you feel that your assessment is not fair. The earlier you prepare to take steps to make your case, the better. Take advantage of the wide range of resources on our website and email us at any time with your questions.
|
|
Watch for Your Town's Tentative Roll
Starting May 1st
|
|
Assessors have until May 1 to value properties using the preceding July 1 market value and the March 1 inventory (property record card). Visit your town's website and check your town's Tentative Roll to see your current assessment. If you feel it is not accurate, you can prepare to challenge your assessment on Grievance Day. The Tentative Roll is important because when you are comparing properties to prove your grievance you must use current 2023 property assessments.
|
|
|
|
What to Do if Your Town Does a Revaluation and You Disagree with Your Assessment |
|
If you receive a notice or "impact statement" from the assessor stating an increase in the market value of their property, shock, disbelief and frustration are only a few of the emotions that you feel.
After you have had time to catch your breath, we would like to help you understand what is happening and how you can find out if the increase is justified or if your property may now be excessively assessed.
Properties are assessed by what is called a Market Value. Market Value is what a property would sell for between a willing buyer and a willing seller on an open market. An assessor will group recent sales of similar types of residences to arrive at an average selling price for those types of residences. This is how an assessor calculates an assessment for your property. Read more
By Warren Leisenring Jr., a consultant for the Tax My Property Fairly website and an 11-year member of a Board of Assessment Review (BAR) in Upstate NY.
|
|
Rochester #1 for Highest Effective Tax Rate –
Buffalo One of the Major Markets with the Largest Decreases in Average Property Taxes Last Year - Down 5.4%
|
|
ATTOM, a leading curator of land, property, and real estate data, released its 2022 property tax analysis for 87 million U.S. single-family homes, which shows that $339.8 billion in property taxes were levied on single-family homes in 2022, up 3.6 percent from $328 billion in 2021. The increase was more than double the 1.6 percent growth in 2021, although smaller than the 5.4 percent increase the prior year. The report also shows that the average tax on single-family homes in the U.S. increased 3 percent in 2022, to $3,901, after rising 1.8 percent the previous year. Metro areas with the highest effective property tax rates in 2022 were Rochester, NY (2.52 percent); Trenton, NJ (2.24 percent); Rockford, IL (2.07 percent); Peoria, IL (1.96 percent) and Atlantic City, NJ (1.96 percent).
|
|
From the Tax Foundation: How do taxes in your state compare regionally and nationally?
Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
|
|
From the Tax Foundation: Close to Home: A Short Guide to Property Taxes |
|
The non-profit Tax Foundation reports: "The past two years have seen a strong focus on tax reform, specifically on individual and corporate income taxes—with 2023 continuing the trend. But as housing prices are rapidly increasing, and property tax bills along with them, the property tax has come into the spotlight in many states.
Because property taxes are a local tax with significant variation, it’s helpful to take a step back and examine the merits of property taxation, the policy tools available to keep tax payments in check, and the unique property tax burden placed on businesses." Read more
|
|
If you plan to challenge your assessment the two documents below may be helpful as you prepare a list of comparable properties to document your case. |
|
 |
Blank Comparable Property Analysis Spreadsheet
|
|
|
|
Current Comparable Sales Analysis Adjustment Formula Word | PDF | Web
|
|
|
|
UPDATE! A Successful Conclusion for Case Study #3 on Grieving By Excessive Assessment |
In our last newsletter, we presented the new Case Study #3 on grieving by Excessive Assessment. After more than a year of work and perseverance by the homeowner and consultant Warren Leisenring, Jr., and an Assessor who took the time to listen, this grievance was successfully resolved in favor of the homeowner! Read more
|
|
May 1
Tentative Assessment Roll is Made Public. Check your assessment soon to determine if you have reasons for grievance.
May 16
School Budget Voting Day - Generally the 3rd Tuesday in May. All residents meeting the required age are eligible to vote. A significant percentage of your property tax bill is based on your school budget so stay informed and vote!
May 23
July 1 - Final Assessment Roll is Made Public - This is the final date upon which the value of your property is based for assessment purposes. Your property assessment for this year (2023) was based on the value of your property as of July 1st, 2022. Any changes in your property after July 1, 2022, will not be reflected in your assessment until the next assessment year (2024). SCAR: Fillable Petition* | SCAR: General Info & Instructions
July 1 - Valuation Date - Each year the properties in your jurisdiction need to be reviewed to ensure that all properties are assessed at a uniform percentage of value. Since property sales occur throughout the year, the value of properties changes over time for a variety of reasons. This makes valuing property complicated. Market values must be determined as of one specific date (snapshot in time). The date used for most municipalities in the assessment community is July 1 of the preceding year and is called the valuation date.
No, Later than July 1 - Final Assessment Roll is Filed -
September 1 - School Property Tax Bills mailed to property owners.
Year-round - New Homeowners: Register with NYS to Receive a STAR Credit Register 24 hours a day, 7 days a week at www.tax.ny.gov/star.
See flier or register by phone at 518-457-2036 on weekdays between 8:30 a.m. and 4:30 p.m.
|
|
Thanks for being a TMPF newsletter subscriber. Help spread the word for Fair Taxes in Upstate NY! Provide your NYS address and we will send you a Tax My Property Fairly bumper sticker. |
|
Property Taxes in the News |
|
|
|
|
|
|
