Understanding Assessments and Taxes in Property Valuation

Explore the crucial link between property assessments and taxes in the valuation process. The responsibilities of an assessor, budget considerations, tax rates, and examples illustrating how assessments impact tax dues are discussed in detail.

• Property valuation
• Assessments
• Taxes
• Valuation process
• Tax rates

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1. SHERYL LUONGO Assessor for the Town of Putnam Valley April 2016

2. ASSESSMENTS VS. TAXES The relationship between assessments and taxes. Presented by SHERYL LUONGO, Assessor

3. The Assessors sole responsibility is to make sure that assessments are at 100% market value as of a valuation date For the 2016 Assessment Roll, the valuation date is July 1, 2015.

4. SCHOOL, TOWN AND COUNTY BUDGET

5. BUDGET REVENUE = LEVY

6. BUDGET REVENUE = LEVY LEVY/TOTAL ASSESSED VALUE = TAX RATE

7. BUDGET REVENUE = LEVY LEVY/TOTAL ASSESSED VALUE = TAX RATE TAX RATE * ASSESSED VALUE = TAX DUE

8. EXAMPLE 1 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 LEVY/ASSESSMENT = TAX RATE 38,250/1,530,000 = $25.00

9. EXAMPLE 1 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 25.00 25.00 25.00 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 LEVY/ASSESSMENT = TAX RATE 38,250/1,530,000 = $25.00

10. EXAMPLE 1 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 25.00 25.00 25.00 5,750 10,625 21,875 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 38,250 LEVY/ASSESSMENT = TAX RATE 38,250/1,530,000 = $25.00

11. EXAMPLE 2 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000*15%) HOUSE #2 ($425,000*15%) HOUSE #3 ($875,000*15%) 264,500 488,750 1,006,250 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,759,500 LEVY/ASSESSMENT = TAX RATE 38,250/1,759,500 = $21.74

12. EXAMPLE 2 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000*15%) HOUSE #2 ($425,000*15%) HOUSE #3 ($875,000*15%) 264,500 488,750 1,006,250 21.74 21.74 21.74 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,759,500 LEVY/ASSESSMENT = TAX RATE 38,250/1,759,500 = $21.74

13. EXAMPLE 2 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000*15%) HOUSE #2 ($425,000*15%) HOUSE #3 ($875,000*15%) 264,500 488,750 1,006,250 21.74 21.74 21.74 5,750 10,625 21,875 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,759,500 38,250 LEVY/ASSESSMENT = TAX RATE 38,250/1,759,500 = $21.74

14. EXAMPLE 3 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000/40%) HOUSE #2 ($425,000/40%) HOUSE #3 ($875,000/40%) 138,000 255,000 525,000 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 918,000 LEVY/ASSESSMENT = TAX RATE 38,250/918,000 = $41.66

15. EXAMPLE 3 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000/40%) HOUSE #2 ($425,000/40%) HOUSE #3 ($875,000/40%) 138,000 255,000 525,000 41.66 41.66 41.66 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 918,000 LEVY/ASSESSMENT = TAX RATE 38,250/918,000 = $41.66

16. EXAMPLE 3 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $38,250 HOUSE #1 ($230,000/40%) HOUSE #2 ($425,000/40%) HOUSE #3 ($875,000/40%) 138,000 255,000 525,000 41.66 41.66 41.66 5,750 10,625 21,875 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 918,000 38,250 LEVY/ASSESSMENT = TAX RATE 38,250/918,000 = $41.66

17. EXAMPLE 4 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $42,075 (increase of 10%) HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 LEVY/ASSESSMENT = TAX RATE 42,075/1,530,000 = $27.50

18. EXAMPLE 4 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $42,075 (increase of 10%) HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 27.50 27.50 27.50 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 LEVY/ASSESSMENT = TAX RATE 42,075/1,530,000 = $27.50

19. EXAMPLE 4 ASSESSED VALUE TAX RATE TOTAL TAX DUE LEVY OF $42,075 (increase of 10%) HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 27.50 27.50 27.50 6,325 11,688 24,062 TOTAL ASSESSED VALUE TOTAL TAX COLLECTED 1,530,000 42,075 LEVY/ASSESSMENT = TAX RATE 42,075/1,530,000 = $27.50

20. ASSESSED VALUETOTAL TAX DUE TOTAL TAX DUE LEVY 38,250 42,075 HOUSE #1 HOUSE #2 HOUSE #3 230,000 425,000 875,000 5,750 10,625 21,875 6,325 11,688 24,062 TOTAL TAX COLLECTED 38,250 42,075

21. MAKE NO MISTAKE YOUR TAXES ARE DETERMINED BY GOVERNMENT AND SCHOOL SPENDING NOT BY ASSESSMENTS

22. 2016 TENTATIVE ASSESSMENT ROLL will be available on March 1, 2016. Letters to be mailed on or about April 29, 2016

23. SHERYL LUONGO, ASSESSOR 845-526-2517 sluongo@putnamvalley.com