Educational You Tube Videos (produced by NYS Tax Department:
2024 Assessment Update Project
The main objective of doing a town-wide reassessment is to strive for a fair and equitable tax roll - meaning everyone is properly assessed.
The town has not done a reassessment since 2018, longer for commercial properties. The town's equalization rate has dropped from 100% in 2019 to 69% in 2023 and is expected to continue dropping down into the 50's if a reassessment is not done. Equalization rates affect exemptions (like the STAR and Veterans) and affects apportionment with shared taxing jurisdictions (like the County and Schools).
A reassessment is adjusting property values to reflect the current market values. Reassessments ensure that you are only paying your fair share of the tax burden, no more, no less.
Two important things to remember:
1. Reassessments do not create more tax dollars. Taxes, rates and budgets are established by the taxing jurisdictions (County, Schools, Town, Village, etc.). A reassessment, in simple terms, redistributes the tax burden.
2. A significant increase in an assessment does not mean that you will have a similar increase in your tax dollars (i.e. an increase of 30% of your assessment does not mean your taxes will go up by 30%). If the entire town increases, the tax rates should decrease. Some properties will experience an increase in taxes and some will experience a decrease.
Please take advantage of the information on the following pages in this section which includes a timeline of what and when to expect, frequently asked Q & A's and links to forms, brochures, sales data and videos.
Click on links below for more information:
Assessment Update Project-more details