How do market changes impact assessments?

For example, four homeowners purchased homes in Horseheads for $100,000 in 2002. Over the years, the value of the real estate has changed. House A may now sell for $80,000, house B may still sell for $100,000, house C may now sell for $120,000 and house D may now sell for $160,000. Updating the assessments will reflect the new market values and will fairly distribute the tax burden based on the current market value of each property.

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1. How do market changes impact assessments?
2. What percentage of market value is my home assessed at?
3. How do I challenge my assessment?
4. What is STAR?