The 2014 Reassessment
Before the 2014 Reassessment
The last municipal-wide property revaluation and data collection project in Scarsdale occurred in 1968 for implementation on the 1969 assessment roll. As such, all properties in Scarsdale were assessed each year at a weighted average percent of their current market value, instead of at 100% of their current market value. To bring the existing 1969 assessed values current, assessed values that may or may not have changed over the course of the years for various reasons, conversion factors were required. These conversion factors, known as equalization rates and residential assessment ratios, were established annually by the Office of Real Property Services ("ORPTS") in Newburgh, NY.
The Residential Assessment Ratio (known as and referred to as the "RAR") is a weighted average-calculated ratio that was used in the setting and converting of assessments for residential properties only and was derived by ORPTS through an assessment-at-sale ratio study. For all other property types, an annual Equalization Rate ("EQ" rate), also known as an "overall" rate, which is derived through an equalization rate study, is used for the same purposes and is applicable to all other property types.
The 2014 Reassessment Results
Residential property values for the 2014 revaluation have been estimated using valid market sales from the period July 1, 2011 through June 30, 2013. Owing to an extreme paucity of sales data at the high end, the sales base period, however, was extended through December 31, 2013 for properties over $5 million.
Please note: Property data collected during the project supersedes prior property existing data on village records; therefore, comparison of the newly-collected data to the existing data on village hall records is not a valid process that alone will serve to invalidate any new data.
It is important to remember that the 2014 preliminary assessments are just that - preliminary - and are subject to change before posting to the June 2, 2014 tentative assessment roll.
Definition of a Preliminary Assessment of a Preliminary Assessment
A "preliminary assessment is an assessment as determined by the assessor (or in this case, Tyler Technologies), which does not yet appear on the tentative assessment roll (RPTL 510, page 206.)
The New 2014 Assessment & 2015 Taxes
Because the 2014 assessments are now at 100% of estimated market value, the tax rate requires recalculation to an equivalent full value tax rate. An estimated combined average 2015 tax rate per $1,000 of assessed value has been calculated at:
- $22.41/$1,000AV, based on inflated 2013 tax levies, which are the most recent levies available and on which an estimate of taxes can reasonably be made.
Assessment Disclosure Notice
The information provided here differs slightly from the information provided on the March 28, 2014 Assessment Disclosure Notice mailed to all Scarsdale residents, because of certain limitations, including those of the NYS assessment disclosure processing software, as well as the fact that the estimates did not include taxes for water, sewer and solid waste (special district taxes). This rate will change as the county, village, and school budgets are passed and new tax rates are issued.
The Formula - Tax and Assessment calculations
To provide taxpayers with a better idea of what their 2014 assessment will mean in terms of possible 2015 tax dollars, please use the following formula to calculate estimated 2015 taxes:
2014 Assessment multiplied by the estimated 2015 tax = Estimated 2015 Taxes
- If a 2014 assessment/value = $1 million multiplied by .02241, then the Estimated 2015 Taxes = $22,410
- Not including the star benefit
Taxes in 2015 are projected to represent approximately 2.24% of market value/assessed value, which is also referred to as the effective tax rate. The 2013 effective tax rate was 2.43%. In order to avoid confusion regarding applicable tax years, assessment years and tax levy years, the 2014 effective tax rate has not been estimated, or provided herein. While the 2014 assessment disclosure notices were issued on the same day that the 2014 county tax bills were issued, one has nothing to do with the other. The 2014 county tax bills were based on the 2013 assessment roll and the 2014 assessments will be applicable to tax bills that are issued in 2015.
Inaccuracies of Published Information
Please be advised that, by law, 2014 tax bills are not and cannot be grieved, e.g., increased, or decreased. You can only grieve the new 2014 Assessment in June 2014 - not the 2013 Assessment which is the basis for all the 2014 taxes. Information contained in the Friday, April 4, 2014 Edition of the Scarsdale Inquirer regarding this matter was inaccurate - please disregard it.