Presentation is loading. Please wait.

Presentation is loading. Please wait.

Property Reassessment-What Does it Mean?. Reassessment: What exactly is it? According to the State Tax Commission of Missouri reassessment is defined.

Similar presentations


Presentation on theme: "Property Reassessment-What Does it Mean?. Reassessment: What exactly is it? According to the State Tax Commission of Missouri reassessment is defined."— Presentation transcript:

1 Property Reassessment-What Does it Mean?

2 Reassessment: What exactly is it? According to the State Tax Commission of Missouri reassessment is defined as “an update of all real property assessments in the county” in order to “adjust values to current market conditions.” According to the State Tax Commission of Missouri reassessment is defined as “an update of all real property assessments in the county” in order to “adjust values to current market conditions.”

3 How is Reassessment Completed? There are six steps for property reassessment that were recommended by Beebe, Grossman & Bergins, LLP, who provided a report for the town regarding if this task is necessary. There are six steps for property reassessment that were recommended by Beebe, Grossman & Bergins, LLP, who provided a report for the town regarding if this task is necessary.

4 Steps Recommended for the Reassessment of the Town of Rotterdam 1)Update the inventory. 1)Update the inventory. 2)Provide enough people for the job to be completed. 2)Provide enough people for the job to be completed. 3)Use all available technology which would help the office of the Town Assessor provide a consistent market value. 3)Use all available technology which would help the office of the Town Assessor provide a consistent market value. 4)Comprehensively value the updated inventory. 5)Review the data of the new market values and see if it is possible to implement the established provisions. 6)Reasearch the possibility of comparing results to another municipality for comparable property values.

5 Procedures for the Town of Rotterdam Reassessment The numerous parcels of land are too cumbersome for the town assessor’s office to complete. As of 2003, there were 12,615 parcels of land located in the town. The numerous parcels of land are too cumbersome for the town assessor’s office to complete. As of 2003, there were 12,615 parcels of land located in the town. The town will have to take bids from outside agencies, who will complete the reassessment. The town will have to take bids from outside agencies, who will complete the reassessment. The agency would go parcel by parcel evaluating the property and the land surrounding the property. The agency would go parcel by parcel evaluating the property and the land surrounding the property. In an interview with the town assessor, Mr. John Macejka, Jr., it was stated that the whole process would take approximately two years. In an interview with the town assessor, Mr. John Macejka, Jr., it was stated that the whole process would take approximately two years. Mr. Macejka also said that it could cost between $ 800,000 and $900,00 for a good property reassessment. Mr. Macejka also said that it could cost between $ 800,000 and $900,00 for a good property reassessment.

6 What is taken into consideration when property is reassessed? Site & view characteristics Site & view characteristics Design and appeal characteristics Design and appeal characteristics Construction quality Construction quality Age/condition. Age/condition. Improvement size Amenities Terms and sales concessions Income generating potential of the property

7 What Will Happen if My Property is Reassessed? A popular belief is that your property taxes will increase if your property is reassessed, however that is not completely factual. One main reason why taxes won’t increase is due to the fact that by law a town can not increase their tax base off a reassessment. A second reason is it has been found that the average that taxes increased, if they even did at all, was $1.75. A popular belief is that your property taxes will increase if your property is reassessed, however that is not completely factual. One main reason why taxes won’t increase is due to the fact that by law a town can not increase their tax base off a reassessment. A second reason is it has been found that the average that taxes increased, if they even did at all, was $1.75. Current Calculations Hypothetical Calculations Town Taxable Assessed Value 62,785,28383,000,000 Full Market Value $105,000 $140,000 Average Assessment 4,0005,300 Town Tax Rate $ /1000 AV AV=Assessed Value $ /1000 AV AV=Assessed Value Tax Bill $325.36$ Increase in Taxes $1.75

8 What Will Happen if My Property is Reassessed? After reassessment your taxes may decrease. The chart that appears next, provides another hypothetical situation where the property taxes decrease due to the reassessment. After reassessment your taxes may decrease. The chart that appears next, provides another hypothetical situation where the property taxes decrease due to the reassessment. Current Calculations Hypothetical Calculations Town Taxable Assessed Value 62,785,28383,000,000 Full Market Value $105,000$140,000 Average Assessment 4,0005,300 Town Tax Rate $ /1000 AV AV=Assessed Value $ /1000 AV AV=Assessed Value Tax Bill $683.26$ Decrease in Taxes -$164.82

9 Why Does Rotterdam Need to Reassess? It has been fifty years since the town has reassessed. It has been fifty years since the town has reassessed. Taxation throughout the town is almost guaranteed to be unequal, which makes the current system unfair. Taxation throughout the town is almost guaranteed to be unequal, which makes the current system unfair. Value of property changes over years due to: -Population shifts -Economic Trends -Usage of the land -Major highway construction Source: Report from Beebe, Grossman & Bergins, LLP

10 Why Does Rotterdam Need to Reassess? The value of houses in Rotterdam has leveled off over the past 15 years. The chart on the right shows these values. The value of houses in Rotterdam has leveled off over the past 15 years. The chart on the right shows these values. Each year the state of New York provides a city, town, or village with an equalization rate that states how close the city, town, or village is to having full value assessments. This chart shows the town’s rate over the past 50 years.

11 What Happens if My Taxes Go Up? There are many exemptions for specific people to aid in the paying of taxes, if you are unable to pay them. There are many exemptions for specific people to aid in the paying of taxes, if you are unable to pay them. -STAR (based on income for the household) -War Veterans’ Also, after the properties are reassessed, it is possible to file for a grievance. Also, after the properties are reassessed, it is possible to file for a grievance.

12 Grievances Grievances allow for someone to challenge the assessed value of their property. Grievances allow for someone to challenge the assessed value of their property. The person would go before a board of reviews, where people will hear testimony from both the assessor and the property owner. The person would go before a board of reviews, where people will hear testimony from both the assessor and the property owner. In order to win the grievance process, a person would have to present physical evidence that the assessed value is unfair. The best supporting evidence is a recent sale price of your property, while having information regarding proprieties similar to your own is beneficial as well. In order to win the grievance process, a person would have to present physical evidence that the assessed value is unfair. The best supporting evidence is a recent sale price of your property, while having information regarding proprieties similar to your own is beneficial as well.

13 Grievances In your testimony, saying that property taxes are too high, is NOT valid evidence. In your testimony, saying that property taxes are too high, is NOT valid evidence. Another example of good evidence is an oral testimony from someone who recently appraised your property. Another example of good evidence is an oral testimony from someone who recently appraised your property.

14 Conclusion We hope that this presentation on reassessment has been informative. We hope that this presentation on reassessment has been informative. This presentation was developed by Andy Piotrowski, Chris Fabian, and Jeremy Starson. This presentation was developed by Andy Piotrowski, Chris Fabian, and Jeremy Starson. Students enrolled in Syracuse University Project Advance, Public Affairs 101 class at Schalmont High School. Students enrolled in Syracuse University Project Advance, Public Affairs 101 class at Schalmont High School.


Download ppt "Property Reassessment-What Does it Mean?. Reassessment: What exactly is it? According to the State Tax Commission of Missouri reassessment is defined."

Similar presentations


Ads by Google