In total, the 957 homeowners to successfully appeal got their properties' assessed values
reduced by an average of 8.
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.
The law limits how much assessed values
, and therefore taxes, can rise for homes and small residential properties in a given year.
The Baechtolds contended that applying a 25% ratio to the property resulted in an assessed value
that was disparately high in comparison to that of their neighbors' assessed values
Simple stated, tax revenues are derived by applying a tax rate to assessed values
Maximum assessed values
were first set in the 1997-98 tax year, and were the property's real market value for 1995-96, minus 10 percent.
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.
In the real estate boom that followed passage of the ballot measure and that lasted until about five years ago, market values soared far above assessed values
and it was hard to imagine that market prices could plunge so severely they would drag down the assessed values