Assessment Update Project - more detail

Assessment Update Project - more detail

Ensuring residents only pay taxes based on the value of their property is the main objective of updating property assessments. In today's economy it is vitally important to maintain a system that closely monitors property assessment equity, to ensure all property is valued uniformly and fairly so that inequities do not exist which could cause one sector of the Town to pay more in taxes than they should. New York State Real Property Tax Law requires all properties to be valued uniformly.

For the first time since 2018, the Town of Ogden is conducting a town-wide reassessment project, which is designed to redistribute the tax burden ensuring property owners are paying only their fair share of property taxes. In recent past the town has been reassessed every four years. Due to, what seemed to be, unusual market growth the assessment update project was postponed for the 2022 and 2023 assessment roll years. The town's equalization rate (ratio of market sales to assessments) has dropped from 100% (2019) to 69% (2023) with the expectation that it will continue to fall. The equalization rate affects exemption amounts. For example, the full value of the basic STAR exemption is $30,000 (assessed value). Currently for 2023 this amount drops to $24,380. For the Enhanced (senior) STAR exemption the amount falls to $66,750 (at full value would equal $87,000+-).

A reassessment or revaluation is simply the method of adjusting property values to reflect current market value. Not all property values increase or decrease at the same rate, therefore periodic reassessments are conducted to ensure properties reflect their current market value.

Property values change for a variety of reasons:
    • A physical change occurs such as new construction, additions, deletions, adding improvements (such as a garage), etc.
    • Economic inflation or deflation - similar to inflation of gas and food prices, the value of your property can change with economic conditions, even though it physically remains unchanged.
    • Location-location-location: most communities have desirable areas where home prices increase rapidly and in other areas, for a variety of reasons, remain flat or decrease.
    • Situational - for example, during the oil crisis of the 1970's, homes with fireplaces were sold at a premium. Now as baby boomers reach retirement age, single story homeas are becoming more sought after and as a result, more valuable.
The bottom line is that no one really cares what their assessment is, but only how much money it will cost them in taxes. Reassessments are necessary at regular intervals to ensure you are only paying your fair share of the tax burden; no more, no less.

It is important to remember that reassessment does not create more tax dollars. Taxes, rates and budgets are established by the different taxing jurisdictions (Town, School Boards and the County).