Why can the Department of Assessment give a revised assessment figure for home improvements?
The Assessment Department no longer uses the 1938 historical cost to determine assessed values. We now determine assessed values based on market value. As a result, we cannot cost the value of an improvement to provide taxpayers with an estimate of the change in assessed value or taxes. The value added to a property is based upon what the market place has determined is the value of that particular improvement, as opposed to the cost of the materials and labor. For example, the impact of a new dormer on the market value of a home in Nassau County could be substantial. As a guideline for determining the impact of change to the market value, you may want to consider how much more a potential buyer would spend for a home with a new dormer versus an identical home without a dormer. In addition, the market may place premiums for certain types of improvements based on the neighborhood or quality of the improvement. Thus, it is no longer feasible for the Department to continue the policy of pr