GET THE NEWS THAT YOUR TAX ASSESSMENT IS INCREASING IN THE ADIRONDACKS?
“Springtime” in the Adirondacks is always a mixed bag. Balancing birds chirping, the sun shining and the occasional snow squall, those that live inside the Blue Line are always prepared for any weather in April and May. It can be a beach day one day, and the next Mother Nature can remind you that you put your skis away too early.
Adirondackers can also receive another kind of unexpected and unwelcome surprise in the springtime—a notice from their local Assessor that their assessment on their real property, either residential or commercial, is going up. These unwanted notifications can result in significant increased tax liabilities. This blog post discusses what many have done to fight back against assessments which are unfair.
First, you should know that the vast majority of assessments in the Adirondacks are based on what the Assessor considers fair market value for your property—i.e., what a third-party buyer on the open market ready, willing and able to close on the property would pay for your real property and any improvements (buildings) on the property. I have had a number of clients tell me when receiving their assessment that they would absolutely love to sell their property for the amount the Assessor assesses their property for! However, often the Assessor overshoots and assesses the property too high.
The most common reason to challenge your assessment is based on an unfair assessment as regards what constitutes fair market value. Many times, this is based on similar properties in the municipality in which the property is located and the assessed values for those properties. Having comparable properties one can point towards which are taxed at lower levels are a great way to make your argument. For some cases, a formal appraisal is needed to prove your case.
For commercial properties, the amount of money that you make off the premises can also be a factor in your assessed value.
Sometimes, a tax assessment challenge can be based on misinformation that the local Assessor has about your home. For instance, the Assessor wrongly believes you have 100 acres of land and instead you have 10 acres. Or your home is 3000 square feet in interior, improved size but is actually only 1000 square feet. Mistakes happen, even in matters as important as taxes!
These are some of the most popular arguments to seek a reduced assessment. There may be circumstances present in your case which are unique to your situation and effectively pleading your case takes experience and skill.
If you or someone you know receives that unwelcome springtime surprise in the mail from your local Assessor and want to explore opportunities, please don’t hesitate to contact our firm to discuss. If you think your assessed value is significantly greater than what it should be, we may be able to help you reduce that assessed value. Some of our best results have been obtained short of litigation which, of course, saves the client time and resources and also provides certainty of outcome.
