Assessments & Market Value

A property’s assessment is based on its market value. Market value is how much a property would sell for under normal conditions.

Assessments are determined by the assessor, a local official who estimates the value of all real property in a community. Most assessors work for a city or town, though some are employed by a county or village.

All properties in your municipality (except in New York City and Nassau County) are required to be assessed at a uniform percentage of market value each year. In other words, all taxable properties in your city or town must be assessed at market value or at the same percentage of market value.

• For example, if the market value of your home is $200,000, and assessments in your community are at 30 percent of market value, your assessment should be $60,000.

In communities assessing property at 100 percent of market value, your assessment should equal roughly the price for which you could sell your property. In communities assessing at a percentage of market value, the estimated market value of each property is listed on the tentative assessment roll.