PROPERTY TAX ASSESSMENT CHALLENGE FILING DEADLINE APPROACHES:
New York State Law requires all properties in Westchester to be assessed at a uniform percentage of market value each year. This means that all properties must be assessed at market value or at the same uniform percentage of market value each year.
Annual assessments are determined by your assessor who independently estimates the market value of real property in your municipality. Market value is how much your property would sell for under normal conditions. It is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition. A market value sale also is known as an arm’s length transaction. Once the assessor estimates the market value of your property, the assessment is then calculated.
Each taxing jurisdiction (school district, town, village, city, county, etc.) is responsible for developing and adopting an annual budget. There are several steps involved in this process. Revenue from all sources other than the property tax is determined. Revenues are then subtracted from the budget to arrive at the tax levy – the total amount needed to be raised through the property tax. The tax rate for properties in your community is then determined by dividing the tax levy by the total taxable assessed value of all taxable real property in your community (tax levy ÷ total assessed value = tax rate).
All property owners have the right to challenge their tax assessment each year. There are two levels of formal review: (1) administrative review via the grievance process conducted in each assessing unit, and (2) judicial review via a Supreme Court trial or Small Claims Assessment Review (SCAR).
Any person aggrieved by an assessment may file a complaint with either the Assessor or the Board of Assessment Review. Town Boards of Assessment Review meet on the third Tuesday in June. Failure to timely file a Complaint on or before June 19th will result in a forfeiture of your right to challenge your 2012 assessment.