Property Q&A in Watkins Glen>Question Details

Rich, Home Buyer in Corning, NY

This property has had a tentitive 2009 assesment of $172,600! It has increased $30,000 over last year!

Asked by Rich, Corning, NY Wed Apr 1, 2009

How can this be? Assessed for $50,000 more than their asking price? If this house sells for say, $110,000, will the assesment go down? How do they come up with the assessed value?

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Rich, this property has a view of Seneca Lake and is in the Village. Making this a very desirable home location even if the home needed some work. In fact it went under contract in less than a couple weeks and has now sold.. Assessments are what your taxbase is figured on for taxes. Market Value is in fact what a home sells for. The county or village comes up with their own system of figuring tax values. A Realtor will take recent sold homes and homes on the market that are similiar and average what your Market Value would be. This will also take into account desireable attributes.
0 votes Thank Flag Link Wed Aug 22, 2012
Assessments can be appealed once a year. Call your local tax assessmet office to find out the date and thep procedure. They are often based on the most recent sales of not only that home, but homes in the neighborhood, so it very well may be an unfair assessment. It's very much worth the effort if you feel you have an unfair assessment.
0 votes Thank Flag Link Wed Oct 20, 2010
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