It seems that one of the challenges brought to bear by using the Market Value Tax Assessment system, instead of those complex numbers and formulas that only the assessor can understand, is that when you need to increase taxes and you can’t increase the tax rate, then what do you do? Of course, you increase your estimates of the market values of the homes in your taxable area. Everyone understands that number and few ever agree on it, whether it be buyers, sellers or TAXPAYERS. But doing that in the midst of an approximately 33% drop in market values might make some homeowners (taxpayers) a little cranky, don’t you think?
The 10-percent average decline in Hampton Bays’ assessment values is being blamed by … Overall, Southampton Town’s total assessed value climbed from an initial … even amid the sluggish real estate market in areas like Sag Harbor, …
Last Updated May 12, 10 12:07 PM
Being that there were so few real estate transactions last year, due to the worldwide financial crisis, the Southampton Town assessor’s office had little data to go on when it calculated assessments for 2010-11
The result has been some assessment fluctuations that some say are inaccurate and unfair.