Assessment Project Update

Hello Greenburgh,

By now, most, if not all of you have received your 2021 Preliminary assessments. Some of you may have had your eyes come out of your head as there are significant increases in this year’s assessments across the board. While the Townwide average is a 7% increase, I’ve seen many properties increase by 25% or more with some as high as 40% increases. Some properties, especially on the higher end have seen assessment valuation decreases.

This can have major tax implications for property owners in Greenburgh. I have seen a lot of people with questions about what the impact of their assessment increase will be and how that will affect their taxes. Obviously, people are concerned because for most of us, our home is our largest asset and our tax bill is our biggest expense. There is a lot of confusion and misinformation out there for what can be a confusing subject. So, I know I could probably go on forever on this topic so to limit myself, I am going to start this email with 5 key pieces of information you need to know.

Assessment changes have NO IMPACT ON THE TOTAL TAX REVENUES RAISED. All changes in assessments do is shift the proportionate share of the total tax pie. The assessor could triple the assessment of every single property in the Town and the Town would not collect even $1.00 more in additional taxes. This does not raise or lower your taxes.
The valuation of your property is based on a number of factors such as lot size, square footage, #of bathrooms/bedrooms, and property condition. Recent sales of like properties in your area will also heavily contribute towards the valuation. A list of recent sales used in these calculations was published here. Note that condo’s and co-ops are valued differently due to NY state law and as a result end up with valuations about 60% of their market value.
It is possible for your property to increase in assessed value and you have a resulting decrease in taxes. Similarly, a 10% increase in your property value does not mean your taxes will increase 10%. More on this here.
Since the 2016 reassessment, the Town is required to maintain it’s 100% equalization rate, where they maintain the assessed value of properties at 100% of their market value. That is the reason this reassessment is occurring, and all properties are receiving an updated review.
You can challenge the assessed value and have until June 15th. You can hire someone to assist you with this, but its not required and frankly in my opinion not worth it. Information here. Go to Tylertech.com/schedule (before 4/23) or call 914-231-8250 to set up your appointment.

Finally, some Key Dates:

The value of your property on the 2021 rolls is for the value of the property in July of 2020.
You have until JUNE 15TH to challenge the assessed value of your property. Go to Tylertech.com/schedule (before 4/23) or call 914-231-8250 to set up your appointment.
April 1st 2022, the first tax bill that will be impacted by your new assessment.

News and Updates

Assessment Project Update