How is Assessed Value determined?
The assessed value is based on a percentage of a your home’s market value. Market value is subjective. In this case, it represents the assessor’s opinion. His or her opinion may be inaccurate due to a number of variables, including falling property values, assessor error, unforeseen market influences, etc. If the market value is wrong, the assessed value and the property taxes based on it are wrong, too. Challenge the assessment, reduce your taxes. Fortunately, it doesn’t have to stay that way. If you challenge and win, the assessment will be lowered and your taxes reduced. You can do this yourself — the NYS Office of Real Property Services has the forms and instructions — or you can hire an attorney or tax grievance specialist like NY Property Tax Reduction to do it for you. You need to act quickly though, as time is limited. The weapon of choice: An appraisal. Regardless of who files it, your grievance should include an expert opinion of the market value of your home. An appraisal
Personal Property is revalued (reassessed) annually. Real property is reassessed biennially, in odd numbered years. Other than the state-assessed property previously discussed, property is assessed by county assessors. Agricultural property values are established based on the quality of the land and values established by the STC, subject to veto by the legislature. These agricultural land values have not changed since 1995 despite contrary recommendations from the University of Missouri Agricultural Economics reports commissioned by the STC. This represents one clear problem with Missouri’s system. There is no specified definition for productive value. There is no clear definition for what land is primarily devoted to agricultural or horticultural purposes. The interconnections of the Governor/State Tax Commission/Legislature make it almost impossible to increase values regardless of supporting evidence. This barrier to establishing an objective value exists for no other property. The
