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Taxes and Fees
Town of Lancaster Assessor Dave Marrano presented an update on the 2010 reassessment project at Town Board work session. Marrano declared he wanted to present to them the information he has been disseminating at public meetings on how property values were determined, what the schedule is and what taxpayers should expect from the project.
Marrano said that the assessment group is out educating the public on how value is placed on properties. “People overall understand this assessment will be based on 100% market value and that all property owners will pay. The job of the assessor is to split the pot, to level the playing field where every property owner pays their fair share. The town, school, village, county, etc. are responsible for developing and adopting a budget.”
Assessment’s role in the budget
Marrano handed out a printout to the board members that detail the process and the role assessments play in the town’s budget:
• Revenue from all sources other than the property tax is determined.
• The revenues are subtracted from the budget to arrive at the tax levy.
• Total budget cost minus other sources of aid equals the TAX LEVY, the amount to be raised by taxes.
• The Tax Rate is determined by dividing the Tax Levy by the total assessed value of all taxable real property in Lancaster.
• Therefore, TAX LEVY (amount to be raised by taxes) / TAXABLE ASSESSED = TAX RATE.
• TAX RATE X ASSESSED VAULE/1000 = your share of the town tax levy.
REMEMBER: Although assessments play an integral part of the tax calculation, the tax levy is the controlling factor in the amount of your tax bill!
(Comment: If your assessed value remained the same, you should see no change in your tax bill if he tax levy remained the same.)
Assessment Equity
When there is equity, everyone is paying their fair share of property taxes.
• Properties are assessed at a uniform percentage of value – 100% market value based on home sales over a two year period.
• Properties with similar values pay similar taxes.
• Taxpayers pay their fair share.
Why Frequent Reassessments are Necessary
• The real estate market is constantly changing.
• Not all properties will change in value at the same rate.
• As values change, so does your share of the tax levy. You only want to pay your fair share.
Marrano pointed out an article that was in the paper that illustrates of what he speaks and what can make his job difficult. “The headline says, ‘Home sales fall to lowest level since 2005’,” said Marrano. “True, the number of homes sold has fallen. However, two-thirds of the way into the article, it says home prices rose seven (7) percent for the month. The market value of real estate in Western New York and Lancaster is increasing. It is important for people to not just look at the headline and ask why their home values are increasing when sales are decreasing."
How Market Value is Determined
Marrano declared that every piece of property was reviewed in Lancaster. His office did every property in the Village of Depew and Lancaster and an outside firm looked at the commercial properties in the Town of Lancaster. "We look at comparable sales to arrive at value."
• The Assessor does NOT create market value.
• Market value is determined by the interaction of buyers and sellers.
• The Assessor monitors and analyzes real estate transactions to establish market value estimates for real property within the town.
• The Assessor uses several comparable sales that match your property.
What Drives Market Value
Marrano informed the board that the following is also included in a variety of model s which they have been using along with the State to arrive at property values. “This is the building block we use to value property."
• Location, Location, Location. Some locations are more desirable that others; Lake front, city vs. rural, etc.
• Other factors include:
• Style, size, age, neighborhood, number of bedrooms, bathroom(s), etc.
• Size of land
• Economic influences/ interest rates
• Amenities on home
• External influences (railroad, etc.)
Changes in Property Value
• One thing is a given. Different types of properties, in different locations, change in value at a different pace. Ranch style homes in Lancaster selling at a different rate than colonials and capes. Newer homes in the town outside of villages are seeing a bigger increase in value.
• After a period of time without a reassessment and systematic analysis of all property values, the equity may diminish. Marrano stated to the board that at one of his public presentations individuals were asking that considering the auto industry is in trouble, banks are failing and with the economy being in tough shape, wouldn’t that affect home values? “It certainly will,” responded Marrano. “But just because you are revaluing you are not raising assessments for everyone, some will be lowered and some will remain the same."
• Loss of assessment equity will result in some people paying more that their fair share in taxes and some people paying less.
The Question to Ask Yourself
Is the market value estimate the assessor ha derived for your property a reasonable representation of what you would expect to receive for your property if it was offered for sale on the open market?
Taxpayer questions/concerns regarding their assessed value
• What can taxpayers do when they have questions or concerns regarding their assessed value?
• Most information at the assessor’s office is open to the public.
• Check the town’s web site for information regarding assessments and sales.
• Make an appointment to sit down informally with the assessor or appraiser; for this project, from March 1st to April 15th.
• If information about your property is incorrect, allow an inspection.
Next Steps After Informal Meeting
1) Board of Assessment Review (BAR) process. If a property owner is still not satisfied with their assessment after an informal meeting, they can schedule a hearing or non-hearing at the assessor’s office after May 1, 2010. Hearings will take place starting with the 4th Tuesday in May.
2) A formal application is necessary.
3) SCAR – Small Claims Assessment Review. For those owner occupied residential property owners who have gone before the BAR and are still not satisfied with their assessment.
Court Challenge – Must be represented by an attorney.
2010 Town of Lancaster Assessment Equity Schedule
Field review of values – by 12/31/09
Assessor review and finalization of values – by 1/31/2010
Notices mailed to taxpayer – by 2/25/2010
Informal hearing – March 2010 to April 15th
Notification of hearing results – April 30, 2010
Mailing of any assessment changes due to inventory/permits by April 20, 2010
Tentative Assessment Roll – May 1, 2010
Grievance Day - Fourth Tuesday in May of 2010
Final Assessment Roll – July 1, 2010
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