Many Lower Hudson Valley communities have not conducted community-wide property reassessments in decades, resulting in many homeowners contesting their property valuations and businesses successfully reducing their tax burdens by millions of dollars each year.
Critics say not conducting reassessments – which would bring assessed property values in line with current market values and cause some property tax bills to increase while others decline or remain the same – allows unfairness to creep into the system. Some very expensive homes are currently assessed using values far below their current market value. Conversely, newer less expensive homes have higher assessments and higher tax bills.
Eight local communities are studying the politically touchy issue of revaluations. But what do you think? Should your town perform a property reassessment?