Press Release on Tentative Assessment Roll
Town of North Elba
Assessor’s Office
Both the New York State Department of Taxation, Finance and Office of Real Property and the North Elba assessor analyzed and measured value trends between 7/1/2021 and 7/1/2022. The measured trends were as follows: Increases of Residential 18%, Vacant land 10%, Commercial 6%, Taxable State-Owned Lands 10%. The properties in North Elba were on average changed by those percentages, new construction notwithstanding.
The overall value of the Tentative Roll increased $479,544,849 (exemptions disregarded). The taxable value of the Tentative Roll increased $438,985,535 (non-exempt). The taxable amount of the roll increased 16.46%. This percentage includes both equalization changes and new construction.
If one wants to make a rough estimation of tax bill changes, one must also estimate increases to Town, County, and Village (if applicable) levies. School levies are established already. For example, LPCSD has a new budget that increased 3.01%.
If we assume that all the municipal levies also change about 3%, we can project that a break-even percentage of assessment increase to be about 13.46%. What that means is that if your assessment went up more than 13.46% your taxes will likely increase. If your assessment went up less than that, your taxes will likely decrease.
|
2022 assessed value: $300,000, cumulative tax rate 11.473 per thousand 2023 assessment $354,000, estimated cumulative tax rate 10.147 per thousand Estimated annual tax bill difference: $150 |
NYS mandates assessments to be at a uniform percentage market value. North Elba chooses to assess at a uniform 100 percent of market value. This way your assessment reflects your perceived market value. If we had not undertaken a reassessment, we would have received an Equalization Rate of 88.39%.
$250,000 sale price/market value
$250,000 assessment at 100% Equalization Rate
$220,975 assessment at 88.39% Equalization Rate
The taxes would be the same because the tax rate takes into account the Equalization Rate.
There are four days in the month of May set aside for appointments to have an informal meeting with the assessor to discuss your new assessment. Appointments can be made by calling 518-523-1975. Grievance day is the fourth Tuesday in May which is set aside for meetings with the Board of Assessment Review. This is an independent board of three members with which you can have your assessment grievance heard and acted upon. Appointments and a completed RP-524 form are required to meet with the Board of Assessment Review.
New York State Guidance on Grievance Procedures: https://www.tax.ny.gov/pit/property/contest/grievproced.htm
North Elba Assessor’s Office: https://northelba.villageoflakeplacid.ny.gov/departments/assessor__s_office/index.php