How is it possible that my property is over-assessed?
Assessments are based on the market value of a property which may change from year to year. The RAR factors (Residential Assessment Ratios and Equalization Rates) that translate your assessment to full value also are subject to change. Accordingly, assessments aren't always equitable and can sometimes be significantly higher than they should be.
Why should I challenge my assessment?
Nobody likes paying taxes but most people are willing to pay their fair share in order to enjoy the services provided by the local municipalities and school districts. As the assessment of your property is never guaranteed to reflect your "fair share", it's important to seek relief when you're paying more than you should. A reduced assessment will certainly save you money and could also make your property more saleable if you were to put it on the market.
Can I file every year?
Although you have the right to file a grievance each year with New York State Department of Tax and Finance, it probably doesn't make sense to do so. If your assessment has been reduced to a fair value, it usually will remain equitable for some time. I'd suggest keeping an eye on it from year to year but it might not reflect an over-assessment for several years; if ever. You can start filing your grievance today and learn about the procedures.
What's the grievance deadline in my municipality?
Please click this link for a list of deadlines for the municipalities in my service area. Grievance Deadlines Dates.
Do I need an appraisal?
There is no requirement as to the type of evidence needed. However, in my opinion the best evidence to maximize your savings is a third party appraisal prepared by a New York State licensed appraiser. Although the appraisal fee (generally about $400) is the client's responsibility.
Links below to get you started!
“Tax reductions will make properties more saleable, but won’t affect the listing price”