Adirondack Country Homes Realty Inc.

      

Adirondack Country Homes Realty Inc.

   Serving the "Entire" Adirondack Park with offices at:

         Schroon Lake Region (Main Office):  PO 488, 1098 US Route 9, Schroon Lake, NY 12870 * 518.532.7900

         High Peaks Region/Auction Sales:  2918 US Route 9, North Hudson, NY 12855 * 518.532.9323

         Lake Champlain Region:  25 Munsey Way, Elizabethtown NY  12932  * 518.569.8884

         Lake George:  2022 State Route 9, Lake George, NY 12845  *  518.668.2677

         North Country Region:  113 Flynn's Line Road, Burke, NY 12917  * 518.483.4538 

         Speculator Region:  Route 30, Speculator, NY 12164  *  518.569.8884  

         Washington Country Region:  4156 County Route 30, Salem, NY 12865 * 518-584-3294

 

 

 

 

 

 

How Property is Assessment

                                                         Excerpts from New York State Department of Taxation and Finance

 

The first step in assessing is to determine a property's market value. To estimate market values, the assessor must be familiar with the local real estate market.

A property's value can be estimated in three different ways:

  1. Market approach
    • assessor compares property to similar properties that have recently sold
    • typically used to value residential, vacant, and farm properties
  2. Cost approach
    • assessor calculates the cost to replace a structure with a similar one using today's labor and material prices
    • subtract depreciation
    • add the market value of the land
    • used to value industrial, special purpose and utility properties
  3. Income approach
    • assessor analyzes how much income a property (such as an apartment building) will produce if rented
    • takes into account:
      • operating expenses
      • insurance
      • maintenance costs
      • financing terms
      • amount expected to be earned

Assessors also use Computer Assisted Mass Appraisal techniques to analyze property sales and estimate values for multiple properties simultaneously.

From market value to assessment

Once the assessor estimates the market value of a property, its assessment is calculated.

In a city or town assessing at 100% of market value, the market value becomes the assessment.

If assessments in your municipality are at a fraction of market value, the assessment is calculated by multiplying the market value of the property by the level of assessment for the municipality. For example:

  • Market value of property = $100,000
  • Level of assessment = 27% (City assesses property at 27% of market value)
  • Assessment = $27,000

 

For more information and updates, visit: http://www.tax.ny.gov/

 

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