Property Assessment Going Up in the Finger Lakes?

You open a letter from your local assessor’s office and see that your property assessment went up. Your stomach drops a little. Does this mean your taxes are about to skyrocket?

Not necessarily. And that’s the first thing I want you to understand.

An assessment is not a tax bill. It’s your municipality’s estimate of what your home is worth. And yes, home values have gone up across the Finger Lakes. That’s actually a good thing for your personal wealth. You don’t want your home’s value to stay flat. But you do want to make sure the number on that assessment is accurate and that you’re not paying more than your fair share.

Some of our local areas are going through reassessments this year, so if you’re in one of those communities, pay close attention. Here’s what I recommend you do.

1. Check your numbers. When that assessment comes in, pull out your tax records and verify three things: your land value, your home value, and your exemptions. A lot of homeowners don’t pay close enough attention to exemptions. If you’re a veteran, make sure your veterans exemption is applied. If you qualify for STAR or any other relief programs, confirm they’re there. Visit your tax assessor and make sure every line is correct. Even small errors in square footage, number of bedrooms, acreage, or condition can throw your assessment off.

2. Ask yourself if the number is realistic. Could you actually sell your home for that amount right now? Does your assessment match comparable homes in your area? This is a big one. If your house is a mirror image of your neighbor’s and your assessments are significantly different, that’s a red flag. Your assessment should reflect your property’s value as of the valuation date, which is July 1 of the prior year in most municipalities. If what the assessor has doesn’t match what homes are actually selling for, you may have grounds to challenge it.

3. Get real market data before you file. If you think your assessment is off, don’t just file a complaint. Talk to a local expert, whether that’s an appraiser or a realtor, and pull comparable sales. You want to see what buyers are actually paying for homes like yours. Real market value data, not guesswork, is what gives your grievance weight. When you go in front of the board, you need to bring comparisons and support your opinion of value with actual numbers.

Here’s something a lot of people don’t realize about how assessments and taxes actually work. After all the assessments are finalized and all the properties go into the county books, those totals get divided into your local budgets: village, school, town, and county. That’s where mill rates come from. So sometimes when assessments go up across the board, the mill rates actually come down, and your total tax bill might stay the same, go down slightly, or go up only a little. Big jumps are not usually what happens, even when assessments rise significantly.

You have a limited window to challenge your assessment, so don’t sit on that notice. In most New York communities, the deadline is Grievance Day, which falls on the fourth Tuesday in May. You’ll need to file Form RP-524 (Complaint on Real Property Assessment) with your assessor or local Board of Assessment Review by that date. There’s no cost to file and you don’t need a lawyer. Keep in mind that you can only grieve the current tentative assessment roll, not prior years. If you miss the deadline, you lose your chance for both administrative and judicial review this year.

The process works in stages. First, try an informal sit-down with your tax assessor. You and the assessor can sometimes agree on a reduced assessment right there before Grievance Day even arrives. If that doesn’t resolve it, your grievance goes to the Board of Assessment Review, where you can present your evidence and comparable sales. If you’re still not satisfied with the board’s decision, you have the option of judicial review, either through Small Claims Assessment Review (SCAR), which costs $30 and is available to most homeowners, or through a formal proceeding in State Supreme Court, which would require an attorney.

There are also professionals who handle the entire grievance process for you. It might cost a little for an appraisal, but it can be worth it in the long run if it saves you tax dollars year after year.

If you got an assessment letter and want to see your actual tax breakdown, text “re-eval” to my cell phone at 607-351-6933 and I’ll send you your property tax information. They can be hard to find online, but I have an easy way to pull them. I’m also going to post a document on my site that walks you through the full grievance process step by step. And if you want me to pull comparable sales for your area or just talk through your options, give me a call. I’ve been in front of these boards before, and I’m happy to walk you through it.

The bottom line is simple: you want to pay your fair share of taxes, not somebody else’s.

Reach out anytime at 607-351-6933 or email me at vickischamel@kw.com. You can also visit fingerlakesrealestatereports.com for more resources. I’m here to help.