Assessment Information
Assessment Information
STAR savings 2% CAP
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Basic Star
- No age requirements
- Income must not exceed $500,000.00
- You must own the home & it must be your PRIMARY residence
- One-time application (until you move or become 65 years old)
- Applications must be filed on or before March 1st st
- Approximate savings = $500 (applies only to School Tax)
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Enhanced Star
- Must be at least 65 years old
- Income limits apply (for 2012, income cannot exceed $ 79,050(AGI 2010 tax form 1040)
- You must own the home & it must be your PRIMARY residence
- You must re-apply every year unless you qualify for the Income Verification Program (come into the Assessor's Office for details)
- Applications must be filed on or before March 1st st
- Approximate savings = $1,000 (applies only to School Tax)
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Low Income Senior Exemption
- Must be at least 65 years old
- You must own the home for at least 1 year prior to application & it must be your PRIMARY residence
- Income limits apply (for 2012, actual 2010 income cannot exceed $32,400)
- Savings are pro-rated ....County, Town, School and Village percentage savings are determined by income level
- This exemption can apply to all taxes except Special District Charges
- Applications must be filed on or before March 1st st
- Approximate savings varies depending on income
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Veterans Exemptions
- War-time Vet ( 15%), Combat Vet (25%) and Veteran Disability (50% x percentage of disability) exemptions are available (up to cap)
- Cold War (15% County Only)
- Must be the PRIMARY residence of the veteran
- Your DD-214 must accompany your application
- Active Duty during specific periods of war
- Savings on County/Town tax only
- Applications must be filed on or before March 1stst
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Other Exemptions Available:
- Low-Income Disability
- Volunteer Fireman
- Agriculture Land
- Clergy
- Non-for-Profit
- Business (Business Investment= minimum of $10,000)
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Resources for Understanding the Assessment Process
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Tools for Evaluating Property Assessments
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Inventory Information
Property tax rates are based primarily on school district and municipal boundaries. Check the Property Details page of a property for school district information and then choose the appropriate combination from the Municipalities pull down menu to calculate an estimate of the total property taxes for the property, exclusive of exemptions. Please note that there are special district taxes in addition to the categories listed here. Please contact the Town Clerk (& Village Clerk if applicable) for True Tax amounts.
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Equalization Rate
"State equalization rate" means the percentage of full value at which
taxable real property in a county, city, town or village is assessed as
determined by the state board." (RPTL Section 102) The rate is a ratio
of the sum of the locally determined assessed values for all taxable
parcels for a given assessment roll divided by ORPS's estimate of total
full value for that same roll.
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Residential Assessment Ratio (RAR)
A percentage established by the State Board of Real Property Services
according to law, using the ratio of assessed value to the sales price
for each usable residential sale in a recent one-year period. Ratios are
then listed from highest to lowest; the midpoint (median) ratio is
selected as the RAR. The RAR can be used to prove that a residential
property is assessed at a higher level than other homes on the
assessment roll. Your locality's RAR indicates at what percent of full
value residential properties are assessed. For example, a RAR of 20
indicates that residential properties are assessed at approximately 20
percent of their full value.
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Taxable Status Date
The ownership and physical condition of real property as of this date
are assessed (valued) according to price fixed as of the valuation date.
All applications for property exemptions must be filed with the
assessor by this date.
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Uniform Percentage of Value
The percentage of market value (full value) used by an assessing unit to
establish uniform assessments. This value must appear on the tentative
roll. Real Property Tax Law Section 305 specifies, "all real property in
each assessing unit shall be assessed at a uniform percentage of
value..."
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TAX RATES
- Approximate Tax Rates for Town, County, School and Village
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Inventory Correction
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