Milo assessor explains how trends will affect assessments and tax bills
When the Town of Milo Town Board decided to invest in a town-wide revaluation for 2007 it also voted to maintain the assessments at current market values annually into the future.
Milo Town Assessor Randy Deal has prepared the following information to explain how this is being accomplished through trending.
The state has established an Annual Reassessment Program to assist towns in this endeavor. They do this by calculating trends for the various neighborhoods for the first two years following a complete revaluation as Milo did in 2007. Then in the third year they have the Assessor complete another full review of all properties on a parcel-by-parcel basis. This is our first year of using trending and I will give you a brief outline of how this State program works.
Milo has five “neighborhoods” Keuka Lake, Seneca Lake, the Village of Penn Yan, the Town outside of Penn Yan, and the commercial properties.
When the State calculates trends it is required to go back to four years from the current valuation date to look at valid real estate sales, which for this roll year was July 1, 2007.
So, the state’s sales trending this year went from July 1, 2007 back to July 1, 2003. As the Town’s Assessor I personally felt a more current sampling of sales from April 1, 2008 to July 1, 2006 would better reflect the current market conditions and calculated those figures.
I also spoke with many of our local appraisers and brokers to see what they felt the current market trends were and they offered an analysis very similar to mine, so I went with my own figures.
For comparison, the state’s trends are in italics and my final trends follow those percentages:
Keuka Lake 13.5 percent - 6.7 percent,
Seneca Lake 8.4 percent - 5.9 percent,
Penn Yan 7.2 percent - 3.6 percent,
Town Outside 10.5 percent - 5.2 percent.
Almost everyone in each one of these areas has received these respective percentage increases. This has been done to keep everyone at 100 percent of market value and to avoid surprises similar to last year after more than 10 years of no change and increasing inequities.
Each year I will be monitoring these markets and, if necessary, will adjust the trends up or down to reflect what is really happening in our area real estate market.
A table illustrating calculations using the trend figures can be found here.