Posted on: 08th Nov, 2006 12:19 pm
kindly anyone provide information on how my properties assessed value is determined.thanks,Reon Carter(New York)
Hi Reon,
The assessed value of your property is determined by the assessor.
The determination is done by estimating the market value, which is the price for which property is expected to sell in your region and then applying the municipal level of assessment on that calculated market value of your property.
The assessed value of your property is determined by the assessor.
The determination is done by estimating the market value, which is the price for which property is expected to sell in your region and then applying the municipal level of assessment on that calculated market value of your property.
Hi Reon,
Apart from what Colin said let me add that the Level of Assessment or LOA is actually a percentage of the total value for which the property is assessed within a particular community. And in some communities in New York the LOA is sometimes even 100%.
What that means is that a property having a market value of $80,000 will have an assessed value of $80,000. While in some different town where the level of assessment is around 50%, the same property would have an assessed value of $40,000.
James
Apart from what Colin said let me add that the Level of Assessment or LOA is actually a percentage of the total value for which the property is assessed within a particular community. And in some communities in New York the LOA is sometimes even 100%.
What that means is that a property having a market value of $80,000 will have an assessed value of $80,000. While in some different town where the level of assessment is around 50%, the same property would have an assessed value of $40,000.
James
Hi RCarter,
The assessed value of a property determined by the local government serves as a basis for calculating the property taxes. For example: the local tax assessor may determine your property value as $60,000. Now, if the properties in your area assessed at 80% of the market value as per the laws, then the assessed value of your property will be 80% of $60,000, that is, $48,000. The property taxes will then be levied on this assessed value. So, first of all the current appraised value of your property needs to be determined and then comes the evaluation of the assessed value.
In order to determine the assessed value, you should approach a tax assessor.
Hope this information will help you.
God bless you
Samantha.
The assessed value of a property determined by the local government serves as a basis for calculating the property taxes. For example: the local tax assessor may determine your property value as $60,000. Now, if the properties in your area assessed at 80% of the market value as per the laws, then the assessed value of your property will be 80% of $60,000, that is, $48,000. The property taxes will then be levied on this assessed value. So, first of all the current appraised value of your property needs to be determined and then comes the evaluation of the assessed value.
In order to determine the assessed value, you should approach a tax assessor.
Hope this information will help you.
God bless you
Samantha.
