Tax Grievances must be submitted in Bronxville no later than February 16^th, 2010.  Properties in Bronxville were re-assessed in 2007, yet values have declined significantly since this re-valuation occurred.  This has resulted in many properties now being over-assessed, and essentially, many property owners paying more than their “fair share” of property taxes.  On February 1st, the tentative assessment roll will be published in Bronxville.  This does not leave a wide window of time to submit a formal Tax Grievance if your property is found to be over-assessed.

Domus Appraisals provides full Tax Grievance representation services, including a free initial consultation to determine if your property is being over-assessed.

If you do not believe that you could sell your property for the amount that you are currently being assessed (taxed) at, then we can assist you in lower your taxes to the appropriate amount.

There is nothing to lose considering that Domus Appraisals provides an initial consultation as a courtesy to homeowners.  If we find that your property is assessed correctly, then you can be confident that you are being taxed accordingly.  This is done at no charge.  However, if we find that the most recent sales and listings of comparable properties support the fact that your property is being over-assessed, then we can provide the necessary Tax Grievance Representation & lower your taxes accordingly.

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Posted below are the notable dates & deadlines regarding the Tax Grievance process in all Westchester County communties.

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Valuation Date – Refers to the date in which your property’s value is established.

Taxable Status – The date on which the assessed value, taxable status and, if applicable, tax class are fixed for all properties in a taxing jurisdiction.

Tentative Roll – Refers to the date in which the respective Cities or Towns release their Tentative Assessment rolls.  This usually coincides with the 1st day that Tax Grievance can be submitted.

Final  Roll – Refers to the date that each respective City or Town finalizes their Assessment rolls for the year.  Judgements for all Tax Grievances submitted are typically released after or near this date

Grievance Day – Refers to the deadline for filing your formal Tax Grievance.  You will not be able to submit a formal Tax Grievance beyond this date, until the following year. 

 

* Grievance Day should be verified through your local assessor

Noted below is a breakdown of the 2009 Westchester County Real Estate Market statistics broken down by City or Town. 

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Westchester Countywide Single Family 2009 Statistics

 

Number of sales – 3,355

Average sales price – $763,000

Median sales price – $580,000

Median list price – $600,000

Average days on market – 178 days

Median days on market – 147 days

 

Bedford Single Family 2009 Statistics

 

Number of sales – 102

Average sales price – $1,023,000

Median sales price – $719,000

Median list price – $799,000

Average days on market – 178 days

Median days on market – 137 days

 

Cortlandt Single Family 2009 Statistics

 

Number of sales – 212

Average sales price – $432,000

Median sales price – $390,000

Median list price – $406,000

Average days on market – 173 days

Median days on market – 145 days

 

Eastchester Single Family 2009 Statistics

 

Number of sales – 130

Average sales price – $975,000

Median sales price – $665,000

Median list price – $699,000

Average days on market – 181 days

Median days on market – 157 days

 

Greenburgh Single Family 2009 Statistics

 

Number of sales – 360

Average sales price – $670,000

Median sales price – $569,000

Median list price – $599,000

Average days on market – 185 days

Median days on market – 154 days

 

 

Harrison Single Family 2009 Statistics

 

Number of sales – 97

Average sales price – $1,511,000

Median sales price – $1,200,000

Median list price – $1,359,000

Average days on market – 211 days

Median days on market – 151 days

 

Mamaroneck Single Family 2009 Statistics

 

Number of sales – 173

Average sales price – $1,060,000

Median sales price – $899,000

Median list price – $880,000

Average days on market – 161 days

Median days on market – 135 days

 

Mount Kisco Single Family 2009 Statistics

 

Number of sales – 31

Average sales price – $578,000

Median sales price – $525,000

Median list price – $530,000

Average days on market – 157 days

Median days on market – 134 days

 

Mount Pleasant Single Family 2009 Statistics

 

Number of sales – 178

Average sales price – $703,000

Median sales price – $593,000

Median list price – $609,000

Average days on market – 163 days

Median days on market – 129 days

 

Mount Vernon Single Family 2009 Statistics

 

Number of sales – 107

Average sales price – $363,000

Median sales price – $338,000

Median list price – $350,000

Average days on market – 208 days

Median days on market – 179 days

 

 

New Castle Single Family 2009 Statistics

 

Number of sales – 227

Average sales price – $695,000

Median sales price – $590,000

Median list price – $599,000

Average days on market – 191 days

Median days on market – 163 days

 

New Rochelle Single Family 2009 Statistics

 

Number of sales – 195

Average sales price – $627,000

Median sales price – $590,000

Median list price – $625,000

Average days on market – 170 days

Median days on market – 147 days

 

North Castle Single Family 2009 Statistics

 

Number of sales – 78

Average sales price – $1,258,000

Median sales price – $950,000

Median list price – $1,026,000

Average days on market – 182 days

Median days on market – 139 days

 

North Salem Single Family 2009 Statistics

 

Number of sales – 32

Average sales price – $564,000

Median sales price – $530,000

Median list price – $574,000

Average days on market – 190 days

Median days on market – 188 days

 

Ossining Single Family 2009 Statistics

 

Number of sales – 138

Average sales price – $522,000

Median sales price – $455,000

Median list price – $475,000

Average days on market – 177 days

Median days on market – 155 days

 

 

Peekskill Single Family 2009 Statistics

 

Number of sales – 65

Average sales price – $294,000

Median sales price – $305,000

Median list price – $319,000

Average days on market – 187 days

Median days on market – 156 days

 

Pelham Single Family 2009 Statistics

 

Number of sales – 62

Average sales price – $848,000

Median sales price – $767,000

Median list price – $799,000

Average days on market – 167 days

Median days on market – 138 days

 

Pound Ridge Single Family 2009 Statistics

 

Number of sales – 28

Average sales price – $1,081,000

Median sales price – $847,000

Median list price – $924,000

Average days on market – 191 days

Median days on market – 147 days

 

Rye City Single Family 2009 Statistics

 

Number of sales – 121

Average sales price – $1,560,000

Median sales price – $1,355,000

Median list price – $1,399,000

Average days on market – 186 days

Median days on market – 146 days

 

Rye Town Single Family 2009 Statistics

 

Number of sales – 131

Average sales price – $635,000

Median sales price – $545,000

Median list price – $570,000

Average days on market – 173 days

Median days on market – 150 days

 

 

Scarsdale Single Family 2009 Statistics

 

Number of sales – 155

Average sales price – $1,468,000

Median sales price – $1,180,000

Median list price – $1,289,000

Average days on market – 185 days

Median days on market – 149 days

 

Somers Single Family 2009 Statistics

 

Number of sales – 98

Average sales price – $602,000

Median sales price – $587,000

Median list price – $622,000

Average days on market – 175 days

Median days on market – 145 days

 

Yonkers Single Family 2009 Statistics

 

Number of sales – 320

Average sales price – $486,000

Median sales price – $445,000

Median list price – $477,000

Average days on market – 178 days

Median days on market – 148 days

 

Yorktown Single Family 2009 Statistics

 

Number of sales – 185

Average sales price – $431,000

Median sales price – $400,000

Median list price – $425,000

Average days on market – 180 days

Median days on market – 146 days

 

White Plains Single Family 2009 Statistics

 

Number of sales – 162

Average sales price – $620,000

Median sales price – $575,000

Median list price – $599,000

Average days on market – 160 days

Median days on market – 128 days

 

This data has been generated from the Westchester/ Putnam MLS and is deemed to be reliable, but not warranted. 

Look for Tax Grievances & improving real estate market conditions in 2010.

 

What will the New Year bring for the Real Estate Industry??

 

There are some signs indicating improvements in the local (Westchester/ New York City) markets.  It is still too early to tell the extent of the improvements within this slumping market, but there have been an increased number of sales compared to previous months.  There also seems to be a higher level of consumer confidence.  In addition, seeing that homeowners have become more realistic with their offering prices, properties are experiencing lower marketing times than the shown over the prior year.

 

Due to the slacking home values evidenced over the prior year, there is no better time than now to entertain the idea of grieving your property’s taxes.  Many municipalities are playing “catch-up” with their rates & ratios resulting in over-assessments.  Most Tax Grievance professionals, like Domus Appraisals, can provide preliminary research to determine if your property is over-assessed & if there is sufficient support to prove your case.  Many firms perform this service as a courtesy, without any fees attached.

 

Over the next few months look for up and coming blogs which will analyze the real estate markets in all Westchester communities, as well as, Manhattan properties.  In addition, Tax Grievance deadlines and local assessment ratios will be consolidated.

 

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Properties located in New York which are currently being over-assessed can have their taxes lowered by filing a Tax Grievance.  With the softening of the real estate market many properties’ assessments are higher than their respective market values.  When this case is present and by following the proper procedures, the real estate taxes paid on these properties can be reduced to the level that reflects their actual market values.  Westchester County is one of the highest taxed counties in the Country in terms of Real Estate Taxes.  Homeowners, or their designated representatives can file Tax Grievances to the governing bodies (usually the Tax Assessor’s office located in Town/City/Village Hall). 

 

 

The process of Grieving your property’s taxes does vary between communities, but this process does have an overall consistency. 

(1)  The first step is to determine if your property is actually being assessed correctly or not.  This can be done by checking on your property’s current assessment.  In most cases, the current assessment is not equal to the market value, as their is a ratio (Residential Assessment Ratio or RAR) that needs to be applied to the assessment to convert it to a market value (what your property would sell for).  Your property’s current assessment can be found on your most recent tax bill or by contacting your local Tax Assessor.  The Tax Assessor will also be able to provide you with the most recent RAR.  Many Tax Grievance Representatives/Consultants, like Domus Appraisals, will calculate your assessment to market value ratio by performing some preliminary research, typically at no cost. 

(2)  Once your property’s assessment is determined & converted into a market value, the next stage is to have a Real Estate Appraisal performed on your property to determine the exact market value of your property.  It is extremely important to have a qualified Appraiser, who is licensed/certified within the State to complete this valuation.  In many cases, the appraisal may come under scrutiny & need to be reliable with supporting the derived value.  Most Appraisals hold a fee which is collected at the inspection, so it beneficial to have an idea prior to ordering an appraisal whether or nor your property is possibly over-assessed. 

(3)  If the Appraisal shows that the market value of the property is lower than the full market Assessed Value, then most likely the property is being over-taxed.  From this point, Formal Grievance forms should be filed within the Tax Assessor’s Office.  The burden of proof is placed on the homeowner to show that their property is being over-assessed.  Support must be submitted along with the necessary forms to successfully grieve your property’s Assessment.  The most effective and accepted form of support is a Real Estate Appraisal, which hopefully you have already obtained.  Tax Grievance deadlines are set typically once per year and differ between communities.  You should check with your local Tax Assessor to find the designated deadline for your community.

This is a brief synopsis of the steps taken to submit a formal Tax Grievance.  Unfortunately, the process does not always end here.  Please look out for the follow-up posting of Grieving your Property’s Real Estate Taxes for a guide to the remainder of the process and other helpful hints for lowering your property’s Taxes.

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Appraising real estate in the metro New York area can prove to be much different than in other areas of the Country.  The real estate market in New York, particularly in areas proximate to New York City, is more self contained and has shown to be stronger than most other markets throughout the USA.  While most real estate markets are showing serious declines in property values, New York City and its surrounding areas have been less affected with property values maintaining for the first half of 2008. 

Despite this market stability, there are some signs which indicate a potential decline in values.  Outside of Manhattan, statistics are showing an oversupply of properties being actively offered for sale.  In fact, the number of properties listed for sale in almost any given community is outweighing the number of sales over the prior year. 

The increased difficulty in obtaining financing due to more stringent qualifications has also affected the state of the local real estate market.  Buyers are now becoming more focused on competitive pricing and the condition of properties as the market is shifting towards a buyer’s market. 

There is still a steady volume of properties being purchased, yet homeowner’s must price their properties realistically or be prepared for price reductions and/ or prolonged marketing times.  The increased supply gives buyers a higher number of properties to choose from & therefore presents an increasingly competitive marketplace, which is a 360 degree turnaround from only 3-4 years prior. 

With foreclosures on the rise in most areas and more weary buyers in the marketplace, the outlook for the real estate market remains uncertain.  While New York City has remained strong due to an increased International presence of property buyers, most other surrounding areas are experiencing a change in the overall real estate marketplace. 

Seeing that the remainder of the Country has been experiencing declining values for the past year or longer, there are already some steps that have been taken to help increase values and “rebound” the slumping markets.  Real Estate markets that are just now showing signs of declining values may not see prolonged exposure to these conditions due to the efforts in place which are expected to assist the overall Real Estate market in the Country (ie: lowered interest rates, increased FHA funding, etc..)

All of these factors play into an Appraiser’s ability to value properties.  An appraiser must not only be able to have knowledge of the current changes in their marketplaces, but they must also have the ability to anticipate future market reactions from statistical analysis and other pertinent indicators. 

Comments regarding your opinion of the current, local Real Estate markets (New York City, Westchester County, Long Island, etc.) are welcomed.  Please check back for postings on other related topics such as:  Tax Grievances, Various Types of Appraisal Assignments, and How to Become a Real Estate Appraiser.

 

The Domus Appraisals Blog is here to provide consumers & industry professionals the information they need to keep up to date on the ever changing Real Estage Appraisal Marketplace.

In the coming weeks, we will be providing marketplace anylisis, industry tools & valuable resources for our community. 

Please subscribe to our feeds and post comments.  We are looking forward to building a value added online resource for everyone.