Your assessment should reflect the approximate value for which you could sell your property. If you believe your assessment is too high, you have the right to a review of your assessment. The deadline in most communities is the 4th Tuesday in May (24th for Monroe County).
What Should You Do?
Once you find out what the assessor’s estimate of the market value is, you should develop your own estimate. The Real Property Tax Law requires the assessor to notify the taxpayer by mail of an increase in assessment (Section 510) or removal of an exemption (Section 510-a), at least 10 days before the date for hearing assessment complaints. The notice should specify each parcel of real property, the assessed valuation for the new assessment year and for the previous year, and the net increase in the assessment.
The following are items that may affect how your home is assessed:
External characteristics – “curb appeal”, home condition, lot size, popularity of an architectural style of property, water/sewage systems, sidewalk, paved road, etc.
Internal characteristics – size and number of rooms, construction quality, appliance condition, demonstrated “pride of ownership”, heating type, energy efficiency, etc.
Supply and demand – the number of homes for sale versus the number of buyers; how quickly the homes in your area sell, and
Location – desirability for a particular school district, neighborhood, etc.
Click here for additional information in estimating the Market Value.
Once you have developed your own estimate and feel that your assessment is too high, you may file a complaint. Form RP-524 must be completed with a written complaint including statements, records, and other relevant information to support your complaint.
You may complete the complaint yourself or your representative or attorney may complete it for you. The form is also available from your assessor’s office or your county real property tax services office. The complaint must be filed in the city or town in which the property is located, with either the assessor or the board of assessment review. The form must be completed and submitted by May 24th. A non-resident owner can request a date after grievance day for the grievance hearing. Request must be made to the BAR or to the assessor on or before grievance day and the BAR must set a date no later than 21 days after grievance day for the hearing.