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Climbing home prices come with tax surprises.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.

A lot of homeowners in the Hudson Valley have been sitting fat and happy, watching property values grow as neighbors sell their homes at above-listing prices in today’s hot real estate market. Property prices will continue to rise as long as inventory and mortgage rates remain low. But those happy Hudson Valley homeowners need to remember that rising property prices aren’t just all gravy. There’s something scary looming on the horizon.

Property taxes will be going up.

To be more specific, Hudson Valley communities will be changing property assessment values. An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable recent home sales and inspections into consideration.

Right now, several Putnam and Westchester towns are in the process of town-wide property reassessment projects, including Greenburgh, North Salem, Ossining and Scarsdale in Westchester County, and Carmel in Putnam County.

If your town is planning to re-assess, every property in town will be reviewed including yours. Your property isn’t guaranteed of a tax hike, but if today’s real estate market has affected home prices in your town, the likelihood of a raise is probable.

How the assessment process works
Your city, town, and or village will send you a preliminary assessment, and if you disagree with your home’s revised value, you can file a formal complaint with the municipality’s Board of Assessment. To appeal the outcome of your assessment, you must then file a Small Claims Assessment Review petition, and argue your case at your Small Claims Assessment Review hearing.

Every year, all Hudson Valley municipalities have a set deadline for filing a tax complaint (called a “grievance,” or “grieving” your taxes). Anyone not filing by that deadline is taxed at the newly assessed rate for that tax year. The following are the filing deadlines for counties in the lower Hudson Valley:

Westchester County
Most Westchester towns and cities June 15, 2021.
Westchester Villages CLOSED February 16, 2021.

Rockland County
Most Rockland towns and cities May 25, 2021
Rockland Villages CLOSED February 16, 2021

Putnam County
All Putnam County towns May 25, 2021

Dutchess County
All Dutchess County towns May 25, 2021

Orange County
Most Orange County towns and cities May 25, 2021
Rockland Villages CLOSED February 16, 2021

Grievance filing services
If you are unable to file a grievance yourself, or would like help in filing, there are numerous real estate tax consultants in the Hudson Valley who perform grievance filing. We have several client approved Tax consultants will evaluate your property tax assessment to see if you are over-assessed, prepare and file all necessary documents, negotiate with the tax assessor and represent you at the Small Claims Assessment Review hearing. Click here for the list . Most grievance consultants only charge for their services if they are able to get your assessment reduced.

NOTE: If you are considering selling your property in the near future, it’s a wise idea to start the process of grieving your taxes now even though it won’t help you, it will help your buyers. They will be the beneficiaries, it won’t cost you a cent, as they will pay for the service. A win-win, for both buyers and sellers.


 

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