The primary concern for property owners is the declining value of their homes and business and the fact that the assessed values are now higher then the actual value. Assessed values are not adjusted annually but rather periodically when the market reflects a difference of greater then 10% when compared to the overall assessed value. The disparity must have existed for a least 4 consecutive years at which time the assessments will be adjusted to the market, be it higher or lower.
If a Village wide adjustment would be made whereby all assessments were lowered, it would not reduce the over all taxes that are paid. The assessed values would be lower, but the same budgets of the School, State, County and Village governments will still need to be met. This would result in a higher tax rate.
It is the goal of the Assessor to maintain equity and fairness in the assessed values. Please keep in mind if you request a review of your assessment due to a recent purchase or possibly a bank appraisal that the review will take into consideration the assessed value of similar properties and many not result in a lower assessment. The is also true in appreciating market. When a home sells for a high amount, the assessment is not increased to the higher value if there are similar homes that are assessed a lower amount.