Before the 2014 Reassessment
The last municipal-wide property revaluation and data collection project in Scarsdale occurred in 1968 for implementation on the 1969 assessment roll. As such, all properties in Scarsdale were assessed each year at a weighted average percent of their current market value, instead of at 100% of their current market value. To bring the existing 1969 assessed values current, assessed values that may or may not have changed over the course of the years for various reasons, conversion factors were required. These conversion factors, known as equalization rates and residential assessment ratios, are established annually by the NYS Office of Real Property Tax Services ("ORPTS.")
The Residential Assessment Ratio (known as and referred to as the "RAR") is a weighted average-calculated ratio that is used in the setting and converting of assessments for residential properties (only) and is derived annually by ORPTS through statistical processing. For all other property types, an annual Equalization Rate ("EQ" rate), also known as an "overall" rate, which is derived through an equalization rate study, is used for the same purposes and is applicable to all other property types.
The 2014 Reassessment Results
Residential property values for the 2014 revaluation have been estimated using valid market sales from the period July 1, 2011 through June 30, 2013. Owing to an extreme paucity of sales data at the high end, the sales base period, however, was extended through December 31, 2013 for properties in the highest value sector.
Please note: Property data collected during the 2014 revaluation project supersedes property data showing on old village records; therefore, comparison of the newly-collected data to the data shown on old property record cards is not a valid process that will serve to invalidate any new data.
It is important to remember that the 2014 preliminary assessments that were issued in April 2014 were just that - preliminary - and were subject to change before posting to the June 2, 2014 tentative assessment roll.
Definition of a Preliminary Assessment
A "preliminary assessment" is an assessment as determined by the assessor (or in the case of the 2014 assessment roll, it was Tyler Technologies), which does not yet appear on a tentative assessment roll (RPTL 510, page 206.)
The New 2014 Assessment & 2015 Taxes
Because the 2014 assessments were established at 100% of estimated market value, the tax rate requires recalculation to an equivalent full value tax rate. An estimated combined average 2015 tax rate per $1,000 of assessed value was calculated and estimated at:
- $22.41/$1,000AV, based on inflated 2013 tax levies, which are the most recent levies available at that time.
Assessment Disclosure Notices
The information provided here differs slightly from the information provided on the March 28, 2014 Assessment Disclosure Notice mailed to all Scarsdale residents. Owing to limitations of the NYS assessment disclosure processing software, those estimates did not include taxes for water, sewer and solid waste (special district taxes). The total combined tax rates will change as the 2015 county, village, and school budgets are passed and new tax rates are calculated and issued (2014 final assessments are the basis for all 2015 taxes.)
The Formula - Tax and Assessment calculations
To provide taxpayers with some idea of what their 2014 assessment will mean in terms of possible 2015 tax dollars, the following formula to calculate estimated 2015 taxes applies:
2014 assessment multiplied by the estimated 2015 tax = Estimated 2015 Taxes
- Given a 2014 assessment/value of $1,000,000 multiplied by the estimated 2015 tax rate of.02241 = estimated 2015 taxes of $22,410, which does not include the STAR exemption benefit;
Taxes in 2015 are projected to represent approximately 2.24% of market value/assessed value, which is also referred to as the effective tax rate. The 2013 effective tax rate was 2.43%. In order to avoid confusion between applicable tax years, assessment years and tax levy years, the 2014 effective tax rate has not been provided herein.
While the 2014 preliminary assessment disclosure notices were issued on the same day that the 2014 county tax bills were issued, one has nothing to do with the other. The 2014 county tax bills were based on the 2013 assessment roll and the 2014 assessments will be applicable to tax bills that are issued in 2015.
Inaccuracies of Published Information
Please be advised that by law, 2014 tax bills cannot be grieved, e.g., increased, or decreased. Property owners may only grieve the new 2014 assessment that was issued on June 1, 2014 - not the 2013 Assessment which is the basis for all 2014 taxes.
A news article published in the Friday, April 4, 2014 edition of the Scarsdale Inquirer regarding this matter was inaccurate - please disregard it.