The assessed value of your home, set by your Town Tax Assessor, is a key factor in determining whether you’re paying too much property tax.
How Property Tax Assessment Works
- Every town places an assessed value on your home which is a percentage of full fair market value.
- New York State establishes a ratio (called the Residential Assessment Ratio) which, when divided by your Assessed Value, equals the full Fair Market Value.
- Your Assessed Value is then multiplied by your local "Tax Rate per $100" to determine your actual property taxes.
How Property Taxes Are Reduced
- You can't change your "Tax Rate per $100" or the "Residential Assessment Ratio". What can be reduced is the “Assessed Value” of your home, which reduces your taxes.
- To do this, you must file a Property Tax Grievance contesting the assessed value of the property. If proven that the home is worth less than the full fair market value, the assessed value is reduced.
To learn more about the Property Tax Assessment process, and to see if your property qualifies for a property tax reduction, please contact us today!
4125 Kissena Blvd.,Suite 115
Flushing, NY 11355