Brief Session Description
A case study of how the first reassessment in 60 years rectified most, if not all, of the inequities in taxation in the Town of Greenburgh, NY and how the new assessments impacted the real estate market. At the commencement of the project, ratio studies showed significant inequities both within and between property classes, so significant that the price paid for similar properties could vary greatly based solely on taxes. We will present the assumptions of how the reassessment would “correct” for these inequities and how the market actually reacted.
Presentation Category
Real Property Valuation Agricultural, Commercial/Industrial and Residential
Audience Expertise
General Interest (Appropriate for all experience levels.)
Location
207-208
Start Date
9-10-2019 2:45 PM
End Date
9-10-2019 3:45 PM
Moderator Name
Wynta Loughery
Apendium Knowledge Area
Oversight and Compliance Review
The Impact of Infrequent Reassessments on the Real Estate Market
207-208
A case study of how the first reassessment in 60 years rectified most, if not all, of the inequities in taxation in the Town of Greenburgh, NY and how the new assessments impacted the real estate market. At the commencement of the project, ratio studies showed significant inequities both within and between property classes, so significant that the price paid for similar properties could vary greatly based solely on taxes. We will present the assumptions of how the reassessment would “correct” for these inequities and how the market actually reacted.
