Busti Enters Final Phase Of Revaluation Process For Property In Town
BUSTI- Busti is undergoing a townwide revaluation.
The town recently adopted a policy to create fair and equitable property assessments at current full market value by completing real property revaluation every four years. The current revaluation will be completed for the 2014 assessment roll. The last townwide revaluation was conducted in 2010.
According to the New York State Real Property Tax Law, section 305, property assessments must be valued at a uniform percentage. First implemented in the mid-1980s due to federal regulations offering incentives to keep the equalization rate at 100 percent, Busti has been doing property assessments every four years. Over the past four years, Busti and Lakewood properties have experienced positive market changes of an approximate average of 8 percent to their real property throughout the town.
“I say approximate because not everything changes at the same rate,” said Randy Holcomb, town assessor. He said different neighborhoods appreciate or depreciate at different rates, depending on the sale prices of those neighborhoods over the last four years.
The goal of this project is to create equitable property assessments at full market value for the 2014 assessment roll with a 100 percent equalization rate.
An equalization rate is the percent of assessment as compared to true market value. Without this revaluation, the equalization rate would have dropped below 100 percent into the low 90-percent range. With a completed property revaluation for the 2014 assessment roll, Busti will meet the requirements for the New York State Office of Real Property Services incentive reimbursement programs, as well as increasing the equalization rate back to 100 percent and avoid the school and county tax shifts as experienced in the past years when their equalization rate was reduced.
The first tax bill affected by the reassessment will be the September 2014 school tax, followed by the 2015 town and county tax and the Lakewood tax in June 2015.
Busti is now entering the final phase of the 2014 revaluation project with the notification of the new assessments to all property owners occurring this week. Assessment notices detailing each parcel’s prior assessment and taxes, new tentative assessment and projected taxes, and the difference, will be mailed to all parcels receiving an assessment change. An accompanying informational sheet will detail steps that property owners should take if they would like to have an informal hearing discussing their new market value assessment. Informal hearings on the new assessments will be completed during April. Property owners are also encouraged to mail their concerns to the assessor’s office should they be unable to appear in person.
Those still wishing to contest their assessment after the decision of the informal hearing decision may do so at the official Grievance Day before the Board of Assessment Review, which will be held during the last week of May. All of this information will be further detailed in the assessment notification letter.
Phone numbers for the assessor’s office for Busti are 483-7786 or 483-7638, located at 200 E. Third St. in Jamestown.