Presentation Title

The Impact of Infrequent Reassessments on the Real Estate Market

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

Appendium Knowledge Area

Oversight and Compliance Review

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Sep 10th, 2:45 PM Sep 10th, 3:45 PM

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.