2018 Reassessment Update
In 2017, as you may be aware, the Town of Carmel completed a Town Wide reassessment after 20 years. Prior to the 2017 reassessment, properties in 2016 were assessed at 59% of market value. As of the 2017 Final Assessment, properties were assessed at 100% of market value, making assessments current and more transparent. As you review property assessments, they should be similar to what they would sell for in the open market.
The Town Board is committed to maintaining property assessments at current market values. This means that the Assessment Department will be reviewing assessments and monitoring the real estate market annually and changing assessments as the market changes. Assessments will increase as the market increases and decrease as the market decreases. This does not mean that your property taxes will necessarily increase or decrease. Property taxes are based on 2 components: property assessments multiplied by the governing budgets (Town, School, County) tax rates. Tax Rates are derived by dividing the Towns aggregate taxable assessed value by the governing budgets. If everyone’s assessment increases due to market changes, and everything else being equal (budgets remain constant), tax rates will decrease resulting in no change in one’s property taxes. Contrary, if for example, the budget increases and assessments remain constant, individual property taxes will increase.
The Assessment Department, the current reassessment Contractor, State representatives and the current reassessment Monitor have analyzed the market and determined trend factors to be applied to property assessments. The first week in May, you will receive an assessment change notice whether your assessment changed from the previous year or not. The 2018 Tentative Assessment Roll will be available for review on and after May 1 on the Town’s website or in person at Town Hall.
A property owners responsibility is to ensure that assessments are correct and a direct reflection of the market value.
If you find that the assessed value is not reflecting the current market value, you may consider filing a Complaint on Assessment on the state application form RP-524 with the Assessor’s office between May 1 and no later than May 22, 2018. The Assessor’s office will review the applications as they are received between the dates noted above. If the Assessor determines the property is over-assessed, a stipulation of agreement can be signed between the property owner and the Assessor. If the Assessor does not feel a reduction is warranted, the application is given to the Board of Assessment Review (BAR) on or before May 22, 2018 for a formal review. You have an opportunity to present your case in front of the BAR on May 22, 2018 between the hours of 6pm and 10pm. Appearing before the BAR is not a requirement, they will review any and all documentation submitted with the application. However, ALL applications must be received by the Assessment Department no later than May 22, 2018.
Determinations of the BAR’s decisions for those who have filed a petition will be mailed to the applicants no later than July 1, 2018.
There are further instructions on the final determination letter on how to proceed with further litigation if still dissatisfied with the BAR’s determinations.