What are the benefits to keeping assessments up-to-date each year?
Nearly 300 municipalities across New York are now enjoying the benefits of consistent market value assessments. Aside from State Aid totaling more than $5 million each year, the benefits include:

- Compliance with State law
(Real Property Tax Law Sections 301 and 305)
- Assessment Equity for Taxpayers - The longer it has been since a municipality has updated assessments, the more likely it is that some taxpayers are paying more than their fair share in taxes. Up-to-date assessments eliminate unfair assessments and the "sticker shock" that taxpayers experience when assessments are adjusted after years of neglect.
- Local Control over the Equalization Rate – By maintaining assessments at market value each year, municipalities can consistently receive an equalization rate of 100. This eliminates shifts in school and county tax apportionment due to fluctuating equalization rates.
- Improved Bond Ratings – In addition to State Aid, many municipalities are receiving improved bond ratings as a result of their efforts to keep assessments current. These municipalities are saving tens of thousand of dollars each year (and, in some cases, much more than that).
- Fewer Court Challenges to Assessments - By keeping assessments up-to-date, municipalities are likely to have fewer tax certiorari cases.
- Increased State Land Assessments – Because State land assessments are frozen at the year of the last municipal-wide reassessment, annual assessments allow municipalities to make changes in market value that they could not otherwise capture.

Show All Answers

1. Who is responsible for assessments and who is responsible for taxes?
2. What is the difference between the market value and assessed value of my property?
3. Won’t my taxes increase if my assessment is adjusted?
4. How does the assessor decide which assessments to change and by how much?
5. My assessment was adjusted last year, and it’s been adjusted again this year. Why?
6. Why does State Aid require 100 percent of market value?
7. If my home is physically re-inspected, do I have to let the assessor in?
8. How do I know that the assessor has the correct information about my property?
9. When will I know my new assessment?
10. What information is on the tentative assessment roll?
11. What if I disagree with the assessment on the tentative roll?
12. Where can I learn more?
13. What are the benefits to keeping assessments up-to-date each year?