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).