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Department of Taxation and Finance

Benefits of current assessments

  • Assessment Equity for Taxpayers. The longer it has been since a municipality has updated assessments, the more likely it is that some taxpayers are paying more or less than their fair share of taxes. Up-to-date assessments eliminate unfair assessments and the "sticker shock" that taxpayers experience when assessments are adjusted after years of neglect.
  • Transparency. Improve taxpayer understanding of the process; easier to explain to taxpayers.
  • Defensible assessments. Having current property and market data helps provide defensible assessments for assessors.
  • Increased State Land Assessments. Because State land assessments are frozen at the year of the last municipal-wide reassessment conducted after 1990, reassessments allow municipalities to make changes in market value that could not otherwise be captured.
  • Equalization rates. ORPTS can use the aggregate results of the reassessment (assessed value) as the full value in the determination of the equalization rate (rate = assessed value / full value).
  • State Aid. New York State provides State Aid to municipalities that reassess at 100% of market value on a cyclical basis (for special assessing units, uniformity must be maintained within each class).