Assessments

ASSESSMENTS

Who determines the assessed value of my property?

Each city/town has an assessor who is responsible for determining the assessed values for properties within that town. Questions regarding town equalization rates and individual property assessments should be addressed directly to your city/town assessor.

City of Rome

(315) 339-7616

Town of Lee

(315) 336-2463

Town of Annsville

(315) 336-5381

Town of Verona

(315) 363-6799

Town of Western

(315) 827-4513


What is Full Value?


The full value (also called market value) is what your property would sell for under normal conditions. For residential properties, your assessor generally determines market values by comparing your property with similar properties that have sold in similar neighborhoods, giving consideration to other factors possibly affecting market value.
 
What is Assessed Value?

The assessed value is the assessor's opinion of your parcel's current market value (full value) multiplied by the uniform percentage of value used in your town. Assessed values are used along with the tax rate to compute the tax due for a particular property, before exemptions.


What is an Equalization Rate?

Equalization rates are determined by the State and represent the overall ratio of a municipality’s total assessed value to the municipality’s total property market value. Equalization rates are used in apportioning property taxes among municipal segments of school districts. In order for a school district to fairly distribute its property tax levy, the levy needs to be divided in proportion to the total market value of each municipality or municipal segment. This allows for an equitable distribution of taxes based upon the market value of each municipality.


Other Helpful Links:


http://www.empirecenter.org/publications/new-york-states-property-tax-cap/

http://www.osc.state.ny.us/localgov/pubs/research/snapshot/schooldistricttaxcap0215.pdf

http://www.osc.state.ny.us/localgov/pubs/research/snapshot/schooldistricttaxcap0215.pdf

https://www.tax.ny.gov/pit/property/learn/proptaxcalc.htm

https://www.tax.ny.gov/research/property/cap.htm

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