What is the Difference between an Assessment & Assessed Taxes?

One of the first questions I get asked from a potential buyer, is "what is the difference between an assessment and assessed taxes?" So many people get confused, and think that the assessment is either the tax amount, or there is an on-going payment due (yearly assessment)  on the home ..

What is an Assessment?

When a home is built, a valuation is placed on the property by a public officer or a board to establish a tax rate. That assessment is the charge or a levy which has been established by the town or city and is the basis on which the  taxes are charged. The assessment does not change each year in New Rochelle for example unlike neighboring Pelham unless your property has been renovated to such a degree that the footprint has been changed or noticeable capital improvements have been made. The Town of Mamaroneck, however,  is currently implementing a true market value assessment of each property, and so this spring - more so than other years, we are seeing a flurry of sales activity within that area, before the property taxes conceivably go up! It is entitled "Bringing Housing Equity to the Town of Mamaroneck" and some people are even hopeful their taxes will go down as a result of the revaluation project. It is being implemented to create fair and equitable property assessments at full market value

I have never seen as many homes on the market in Larchmont Manor which is well known for high-priced, larger properties. close to the Manor Park, Manor Beach and within a short distance to the village and trains. Like anywhere else, those properties that are seen as offering great value or offer charm, are still being sold in short order. I am seeing some families selling and downsizing but staying within the area, and I am also seeing families selling smaller homes and moving to the Manor and the waterfront. Larchmont holds so much appeal, and with it being located just 35 minutes or so from New York City, whether in a small home or large home, they just love the area.

Larchmont & New Rochelle are GREAT!