With market values rising back above assessed values
for thousands of property owners, they could see their tax bills rise by more than 3 percent.
Villages have the authority to conduct their own reassessment or use the results of the town's reassessment; in the former case, a property owner could pay tax on two very different assessed values
Many residents whose market values fell below assessed values
enjoyed lower property tax rates in the recession.
The trend actually began a year ago, when market values on 10 percent of Lane County properties dropped below their assessed 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.
This is the first year we're starting to see a measurable impact of real market values below maximum assessed values
for residential property since the peak of the housing bubble in 2008," Assessor Anette Spickard said.
Real property assessed values
have reached historic highs in New York City, yet too often they bear lithe relation to a property's underlying fair market value," he says.
were created by reducing 1995 market value by 10 percent, and then adjusting it by 3 percent a year plus the value of any new changes to the property from that point forward.
Since in recent years there have been few sales of record and these have not warranted substantial increases in assessed values
, the Assessor now determines assessed value
primarily through capitalization of the prior year's net operating income before debt service, depreciation, and real property taxes.