When Do Reassessments Happen?

Reassessments can be triggered by multiple things. There are very few townships in NY that keep up to date with property assessments, but those that do typically perform reassessments every year at the beginning of the year. Since the majority of towns are non-reassessing districts there really is no timeline or schedule that they follow. Whenever the local government decides that the housing market has shifted or that it's been long enough since the last reassessment, they will conduct a town-wide reassessment. Here's the list of the reassessing townships in NY.

The problem with reassessments taking so long is that the new assessments can be exceedingly different. Although the property could have had multiple owners with multiple improvements over the last decade, current owners are the ones left with the burden of the tax bill. This recently occurred in Nassau County where the Taxpayer Protection Plan was introduced. The plan is a new exemption that was added to tax bills in an effort to offset the increase of assessments from the 2020 town-wide reassessment. Because Nassau County properties have gone through major changes in the last decade—not to mention the current real estate market and extremely high price tags—tax bills were no longer matching the current value of homes.

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Reassessments can also happen when permits are pulled for extensions or major renovations on homes. Changes that require permits can trigger a reassessment, which is why so many owners never apply for a permit on their projects or improvements, but it is essential to prove everything was done correctly. If you are currently looking in the housing market you will most likely come across homes without CO's. Upgrades like painting or changing windows are minimal and don't require permits. However, projects like adding a pool, building a garage or deck usually do require permits. In the same vein, converting garages or basements require a Certificate of Occupancy (CO). Those are the kinds of projects you would need to let the town know of.

If you are planning to do major remodels, we definitely suggest going through the proper channels to get everything permitted. We know that paperwork is annoying, but this will make everything easier in the long run.Especially when you sell the home, mortgage lenders tend to not approve of homes without the proper permits. If you see a significant increase in your tax bill, let us know so we can get started in reducing your property assessment! The tax grievance process can take some time but is definitely worth the wait.