Your property assessment reflects the property’s Market Value when openly marketed. Ideally, the assessment remains at 100% of Market Value. But the expense of revaluing all of the properties at once prohibits doing a revaluation every year. Given that - assessments are carried over from year to year and usually become, on average, a percent of Market Value other than 100%. The property tax rates are then adjusted annually to take into account the overall average percent deviation from market value.
After several years, a town-wide Revaluation occurs to bring property Assessments to 100% of Market Value. Again the tax rates are adjusted such that the average property would not experience a tax increase any more so than usual (Tax bills usually increase from year to year to account for budgeted inflation.). As usual, physical changes – improvements, additions, or demolitions – would cause a change in the assessment because those changes affect the description and, therefore, the market value.
The Revaluation creates property value Assessments at Market Value, using recent valid sales to generate values for the majority of properties that did not sell recently on the open market.
Step 1: Estimating your Market Value
To evaluate the Market Value of a residential property, compare it to recent sales of three (3) or more similar properties (based on location, style, age, size, and features; with adjustments for minor differences).
Below are resources for evaluating Market Value Assessments:
- Preliminary Assessment Tax Impact Estimator Tool (Calculator, Adobe PDF required)
- Penfield Valid Sales List (Excel Document) (CSV Format)
- Comparable Sales Form (PDF) Comparable Sales Form (Excel)
- How to estimate the market value of your home (NYS)
- Monroe County Real Property Portal: Assessments, Property Data, Recent Tax Bills
If based on research, you determine the preliminary assessed value does not reflect the market activity, an appointment can be scheduled to review the data with the Assessor’s Office.
Step 2: Informal Revaluation Assessment Review
Step One (1) must be completed first.
Prior to scheduling a 10-minute informal review, please have three recent comparable sales to present and any other information pertinent to the market value of the property. Meetings can be scheduled online (CLOSED) or by phone (CLOSED). All appointments will take place via telephone.
Step 3: Formal Assessment Review
Step One (1) should be completed first.
For a formal review, by The Board of Assessment Review (BOAR), complete and submit the RP-524 application with supporting documentation by the upcoming 4th Tuesday in May.
Grievance Process: Appointment versus Review without a meeting
When requesting a grievance appointment, the Board of Assessment Review requires property owners to submit the original application, two copies of the application and supporting documentation. When requesting the Board of Assessment Review, to review without a meeting, only the original RP-524 and supporting documentation needs to be submitted. Please note that faxed or emailed applications may not be substituted for the original application. Once the application is submitted you can then schedule a hearing (by you or the representative on the application), or you may submit it for review to The BOAR without a hearing.
If the link above does not work, form RP-524 is located on the NYS Property tax forms - Assessment grievance web page: https://www.tax.ny.gov/forms/orpts/assessment_grievance.htm
Moderated by Town Supervisor Marie Cinti Joseph H. Emminger, President of Emminger, Newton, Pigeon, & Magyar Inc., leads the information session. Emminger has worked with municipalities in the region over his career guiding the reassessment process.