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Town of Niles Reassessment Discussion June 20th, 2018 ---PAGE BREAK--- SECTION 305 RPTL “All real property in each assessing unit shall be assessed at a uniform percentage of value.” Assessor signs oath to this effect when filing tentative assessment roll. To ensure that assessments accurately depict market value, the State Legislature enacted this law in 1981. ---PAGE BREAK--- SNAPSHOT: TOWN OF NILES ---PAGE BREAK--- Importance of Equity Town School Tax Aug 2017 Town & Special Districts Jan 2018 County. Tax Jan 2018 Niles 3,490,597 532,774 1,955,722 Grand Total 5,979,093 ---PAGE BREAK--- Market Value distributes the tax burden; It doesn’t create the tax burden ---PAGE BREAK--- 6 THE LOCAL REAL ESTATE MARKET APPRECIATION DETERMINED BY ANALYSIS OF SALE DATA Residential Commercial Vacant 2014 4% 1% 2015 3% 2% 2% 2016 2% 3% 2017 2% 1% 1% 2018 5% 3% 2% ---PAGE BREAK--- SALE VS ASSESSMENT SALE PRICE FROM 115K TO 150K Sale Date Sale Price Assessment at Time of Sale AV/SP Ratio 8/7/2017 $115,430 $58,200 50% 7/19/2017 $124,000 $97,100 78% 11/6/2017 $125,000 $67,600 54% 7/11/2017 $135,000 $125,000 93% 8/11/2017 $138,500 $168,300 122% 8/22/2017 $149,900 $120,000 80% Municipal Stated Level of Assessment is 95% These ratios should all be approximately .95 ---PAGE BREAK--- SALE VS ASSESSMENT SALE PRICE FROM 217K TO 298K Sale Date Sale Price Assessment at Time of Sale AV/SP Ratio 10/16/2017 $217,500 $194,000 89% 10/25/2017 $260,000 $213,900 82% 11/27/2017 $266,500 $165,300 62% 1/11/2018 $276,000 $314,900 114% 3/23/2018 $277,500 $318,400 115% 7/31/2017 $297,500 $314,900 106% Municipal Stated Level of Assessment is 95% These ratios should all be approximately .95 ---PAGE BREAK--- WHAT IS A REASSESSMENT? Reappraisal of ALL real property in an assessing unit at 100% of market value Real Property – anything permanently affixed to the ground or intended as permanent (commonly referred to as real estate) Assessing Unit – the Town of Niles Market Value – the most likely selling price ---PAGE BREAK--- THE REASSESSMENT PROCESS Public Information (Before, During, and After) Data Collection/Verification Inventory data file editing Neighborhood analysis Sales analysis (Summer 2018) Application of valuation techniques (Fall 2018) Field review (Fall 2018) Assessment Disclosure (February 2019) Informal meetings with taxpayers (March & April 2019) ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- OTHER SOURCES OF INFORMATION New York State Office of Real Property Tax Services (ORPTS) www.tax.ny.gov Central Region Office (Syracuse) (315) 471-2347 [EMAIL REDACTED] [EMAIL REDACTED] [EMAIL REDACTED] http://imate.cayugacounty.us/IMO/index.aspx