The deadline for filing a Property Tax Grievance in Yonkers is quickly approaching in mid-November. It is essential that Yonkers homeowners closely review their assessments to make sure they reflect the true market value of their homes. In order to accurately calculate what value the City is putting on a home it is essential that you use the Residential Assessment Ratio (RAR) and not the Equalization Rate (ER).
Often municipalities will calculate the market value of homes using the ER, which results in a lower market value. This often has the effect of confusing the homeowner into thinking that their home is being valued lower than it actually is, at least for tax purposes.
Did you know that the tax rates in Yonkers have increased over 79% in the past 10 years? I know it is hard to believe, but it is true. In 2002 the combined tax rate was $443.43 and 10 years later in 2012 it has jumped to a whopping $794.62, per 1,000 or assessed value. If you do the math you will see what I am saying is true.
The result is that if your taxes were $10,000 in 2002, based on the same assessment they would be roughly $18,000 in 2012. I know it is almost unbelievable, but what homeowners need to ask themselves is what will I do if the tax rates double again in the next ten years.
The result is it is more important than ever to review your assessment and make sure it is low as possible. If you need to accurately review your Property Tax Assessment, please don’t hesitate to contact me.