Many Have asked me how they go about appealing their tax bill.  First you must understand how properties are taxed in the state of NY.  The assessment is based on market Value, which is defined as the amount a willing buyer would pay a seller without duress.  Unfortunately assessments are not reviewed on an annual basis so the propertys assessment will never be 100 percent of the market value.

An equilization ratio is applied to make up for the difference.  This is to ensure that assessments somewhat equal among different taxing districts to all assessed values.  Home owners can obtain the equilization ratio used in their area from the local tax office.

Couple the above with a proper CMA (Comparative Market Analysis) from a Real Estate agent and then you will get a good idea if you are over assessed.

Follow with these steps:

1) You can setup an informal review with a local tax assessor

2) Review the property card which is available at the local tax offices and is public record.

3) Pay close attention the the comparables on the property card.  These recently sold homes are the basis for the assessors valuation of your home. 

4) Take the appropriate equilization ratio and multiply the market value you believe appropriate for the home by that rate.  If the number is lower then the current assessment, you should file an appeal.

Tomorrow I will discuss filing an appeal.

Christopher Pagli

Licensed Associate Broker

Accredited Buyer Representative

GREEN Designated Agent

William Raveis Legends Realty Group

http://www.WestchesterCountyRealEstateMarket.com

http://www.Twitter.com/ChrisPagli

914.406.9023

914.762.0070

 
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Christopher Pagli - William Raveis Legends Realty

Rye, NY

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William Raveis Legends Realty Group

Address: 37 Main Street, Tarrytown, NY, 10591

Office Phone: (914) 332-6300 x 107

Cell Phone: (914) 406-9023

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