In some jurisdictions in New York,
assessed values have not been updated in more than 25 years.
All owners of income producing properties with actual
assessed values greater than $40,000 are required to file an RPIE unless the property qualifies for exemption from filing, e.g., the property is vacant, uninhabitable, non income producing, owner occupied, leased to a related party or entity, a residential co-op with less than 2,500 square feet of commercial space, tax exempt, an individual residential condominium, a smaller property with ten or fewer residential apartments, or a property with six or fewer residential apartments and no more than one commercial space.
Over time, however,
assessed values became steadily less connected to reality.
Attorney for the Southern District of New York and the Federal Bureau of Investigation revealed that the assessors accepted more than $10 million in bribes over a 35-year period to change the
assessed values of almost 600 properties.
The number varies widely from location to location, with Cottage Grove residents at the top with 52 percent of properties dropping below their former
assessed values while only 8.5 percent of homes in Coburg hit that level.
Those numbers do not compare well with
assessed values on the newest late-1980's prime, Class A properties that fall out closer to $11 and $12 a foot.n
Most property owners are still seeing their
assessed values increase by 3 percent a year despite the erosion of real market values.
Given that the Mayor has reported that since 1991 billable
assessed values Downtown have eroded by almost one-third, owners will want to measure their properties against that standard, at a minimum, and develop an appropriate tax reduction strategy.
Median
assessed values for homes in Schaumburg Township grew about 9.3% between 2016 and 2019, while sale prices rose more than 14%, according to data released Tuesday by the Cook County assessor's office.
However, in 2016 HPD began denying benefits to buildings with average
assessed values of more than $40,000 per unit, a price point that would impact thousands of pre-1973 buildings that have been rent stabilized through the J-51 program for decades.
In total, the 957 homeowners to successfully appeal got their properties'
assessed values reduced by an average of 8.3 percent.
Although there are guidelines with regard to the determination of market value, due to latitude provided by New York State law, a property owner may find that the
assessed values for county, town, and village might be different.
