WHAT A PROPERTY ASSESSMENT REALLY
MEANS
An assessment is similar to an
appraisal in most cases. All property assessments, by law, must be based
on the market value of a property at the start of each year. That is the
amount you could reasonably expect to sell it for. This figure is
multiplied by the municipal and school tax rates of that year which
determines the taxes to be applied to your property. The assessor first
estimates the value of the property. If this opinion appears to be too
high he property owner can challenge this opinion in several ways.
Key Dates |
Assessment Valuation Date Each
Year: |
January 1st |
Tentative Roll Of Property
Assessments Filed: |
Sunday May
1st |
Grievance Day ( File Your
Grievance Form On or Before ) |
Tuesday May
24th |
Assessment Review Process
Full Value
Assessment
Each year every assessment must be based on Market Value (also described
as Full Tax Value) as of January 1st.
Determine what the assessor’s opinion of full
tax value of your property is.
If you believe the property can not be sold for that figure then you must
set out to prove what the property would most likely sell for and request
the assessment be corrected. If you are not satisfied with the assessor’s
willingness to make the correction, other legal actions can then be taken.
Potential Value Assessment
Some assessors deliberately assess at a portion of full market value. This
is legal but quiet deceiving to most property owners. That percentage,
called an Equalization Rate, must be determined so you can see what the
assessor says the full market of the property is. An example of this
practice is found in the City of Kingston. The assessments are reported at
32.5% of Full Market Value for the year 2005. So, if a property owner has
a property worth $200,000 and sees it is assessed at $100,000 he may not
realize he is over assessed. But if he divides the $100,000 assessment by
(.325) he will find that the assessor is basing the assessment on a full
market value of $307,692, better than a one third over assessment.
WEBB APPRAISAL
WEBB APPRAISAL ASSOCIATES |
JMJ |
P.O. Box 3224, Kingston New
York 12402 |
Associates |
Phone / Fax (845) 338-8334
|
E-Mail
gwebb@hvc.rr.com |
LIST OF TENTATIVE 2005 EQUALIZATION RATES
Supplied By Ulster County Real Property Services
Tentative
Tentative
Equalization Equalization
%
Of Full Value Rate
Municipal
Name
City of
Kingston 32.5 %
.325
Town of
Denning 24.0 %
.24
Town of Esopus
85.0 %
85
Town of
Gardner 100.0 %
1.00
Town of Hardenburgh 79.03
% .7903
Town of Hurley 111.82
% 1.1182
*Town of Kingston 100.0 %
1.00
Town of Lloyd 95.0
% .95
*Town of Marbletown 100.0 %
1.00
*Town of Marlborough 100.0 %
1.00
Town of New Paltz 100.0
% 1.00
Town of Olive 0.77
% 0.0077
*Town of Plattekil 100.0 %
1.00
Town of Rochester 60.0
%
0.60
*Town of Rosendale 100.0 %
1.00
*Town of Saugerties 100.0
%
1.00
Town of Shandaken 31.0
%
0.31
Town of Shawangunk 22.0
%
0.22
Town of Ulster
90.0 % 0.90
Town of Wawarsing 2.6
% 0.026
• * Towns that have
been revalued. The new assessments will be filed
May 1st.
• To determine the assessors opinion of the full tax ( market ) value of
your property. Divide the equalization rate into the assessment. These
figures may change slightly on May 1st. Check with your Assessor.
|