After a long winter in our region, most folks are eager for nicer weather. Take advantage of the nicer weather by taking a trip to your local Town or City Assessor’s Office. While mundane sounding, the effort could be well worth it when you get your property tax bill.
There isn’t a fixed percentage at which a property must be assessed at in New York State. Many communities rely on the state to provide something called an “Equalization Rate”. Each community determines its “Total Assessed Value” (AV) while the state determines the municipality’s “Total Market Value” (MV).
TOTAL AV ÷ TOTAL MV = EQUALIZATION RATE (ER) Continue reading Take a Closer Look at Your Commercial Property Assessment