TimV wrote:Binghamton.....Someone should tell the NYS acessors that property vales have fallen like rocks and as such tax evaluations must also drop .If the law says they can go up it also has to say they have to go down....But dont hold your breath waiting for it to happen
Tim you don't need an accurate assessment for it to be fair as far as the taxes go, the only thing it has to be is comparable to other properties. If you have two indetical properties that are only worth $100K but are assessed at $200K they will still have an equal share in the tax. If every property is accurately assessed at 200% you'll have a fair burden of taxes for everyone. Don't look at assessment as what the property is actually worth but instead a measurement of its worth compared to your neighbor.
If they dropped all the property values they would just raise the millage and you'd still be in the same boat. For example all the properties here in Luzerne county were assessed at 1960's values, the millage was very high though. Now that they have raised the values they have had to drop the millage considerably. The total amount of property taxes collected will still be the same for the entire county however some will be paying more or less because some properties may be more or less valuable than they were in 1960 because of improvements or lack of.