Resident property assessments rise 11% in Lake Placid | News, Sports, Jobs | Ezine Daddy


LAKE PLACID – This year’s preliminary property appraisal list has now been completed in the town of North Elba and the village of Lake Placid and the lists show property values ​​in local residential areas have increased by 11% in the last year.

The city sent out notices of the rating change in the last week of April, according to Assessor Counsel Deb Mueller and most property owners with new ratings by early this month. The tentative assessment rolls can be viewed online at https://co.essex.ny.us/2022TentativeRolls.asp.

Town Assessor Todd Anthony said this year’s rise in rating values ​​is an unusual jump compared to previous years. For example, home valuations increased by 6% in 2021. Mueller said the pandemic-driven real estate boom was the main factor behind the more significant increase this year.

The above-average increase isn’t limited to Lake Placid — some other residential areas in Essex County, like those in Keene, Wilmington and Jay, have seen home value increases of 11% or more, according to Mueller. Anthony expects the uptrend to taper off at some point, but he said it’s hard to say when that might be.

Anthony said he’s heard from residents who are concerned their taxes will rise along with their home appraisal values. While that could be the case, your assessment could also increase while your taxes decrease or stay the same, according to the state Department of Taxation and Finance. Estimates are not taxes – taxes are based on estimates.

How is property valued?

Anthony said he evaluates real estate by doing a cost analysis – assessing what it would cost to buy a piece of land and prepare it to build a house on. If there is a building or house on the property, Anthony depreciates the value of the property based on the age of the building, taking into account whether or not the building has been renovated and brought to a newer condition.

After conducting a cost analysis, Anthony said he was conducting a comparable sales analysis. It compares properties of a specific style and quality in a specific neighborhood to similar properties that have recently been sold in similar areas. It’s easy to value recently sold homes, Anthony said, because the home’s market value was determined only by the buyer.

Anthony said people told him their elevated ratings made them feel singled out. He said he’s trying to be fair by looking at all the packages in town.

“I don’t choose individuals” anthony said “I look at real estate and I’m like, ‘What price would I sell it for?'”

assessment level

The city’s appraisal level, or the ratio of estimated property value to market value of the property, has remained at 100% of market value “for decades,” said Anthony. According to the State Department of Taxation and Finance, it’s important to appraise properties at 100% of market value because it helps people better assess the accuracy and fairness of their appraisals.

While this year wasn’t meant to be a full assessment of valuations, Anthony said it ended up being a full reassessment because of the way the real estate market has been “hot.” He said so much has changed in the market that he wants to rate properties an A this year “comb with finer teeth” instead of “Hit a percentage and call it a day.”

Anthony said if he hadn’t revalued the town and village properties this year, the valuation level could fall from 100% of market value and the state would impose a compensatory rate on municipalities to bring their valuations up to full market value. If properties weren’t revalued this year and valuations were only 88% of their value, it could be harder for people to determine whether or not they’re being taxed fairly.

Assessment vs. taxes

The property taxes you pay begin with the budgets passed in your local school district, township, and county by your school boards, city and village boards, and state legislatures. When these bodies pass a budget, they determine how much in property taxes they will collect from local taxpayers — called a tax levy — for that fiscal year. How much boards can increase a tax levy from one year to the next is governed by a state enacted tax cap, which is the percentage of the allowable increase in the tax levied – typically around 2%.

The rate at which an individual is taxed is determined by dividing a budget’s tax levy by that county’s total estimated real estate value. For example, the Lake Placid Central School District is proposing to collect $16,675,694 in taxes for the 2022-2023 school year. When this levy is divided by the county’s total appraised real estate value, you get a tax rate of $6.86 per $1,000 of appraised value. A school district taxpayer could calculate his property taxes by multiplying the tax rate by the estimated total value of his property.

Appraised home values ​​move in tandem with tax charges, Anthony said, so property taxes remain more stable when appraised values ​​and tax charges rise together. If Anthony hadn’t revalued the properties this year, people’s taxes would have increased by the percentage that their school district, county and township taxes would have increased year over year – the tax cap set in those communities’ budgets.

Anthony said if your estimate went up by more than the average increase in taxable value for the town and village this year – which he thinks was 8.6% – you could see your taxes increase. You can tell if your rating has increased more than 8.6% by finding the percentage difference between your previous rating and your new rating. For example, if your home was revalued at $125,000 and your previous appraisal was $100,000, your appraisal will increase by 20% and you may see an increase in taxes. If your estimate has increased by a percentage that is equal to or less than the city’s average increase, you may not see a change or a decrease in your taxes, Anthony said.

Why the increase?

Anthony said that home valuations have risen an average of 11% this year; vacant property values ​​increased by 10%; and trade values ​​rose 3%. This is opposite the town of North Elba and the village of Lake Placid which includes the hamlet of Ray Brook and parts of the village of Saranac Lake.

Anthony he said “all my heart” believes the pandemic-related real estate boom has contributed to rising valuations. High real estate demand and low supply have caused market prices to skyrocket during the pandemic. While the number of completed sales is beginning to fall — an April report by the New York State Association of Realtors showed sales are down 7.1% over the past year — average selling prices are still up more than 17%, and Properties for sale stay on the market for fewer and fewer days. The NYSAR report shows that buyers paid an average of around 0.2% over 100% of market value over the past year.

“You have to understand that we operate in an active, moving real estate market”, said Anthony. “And I think it’s absolutely obvious that it’s a growing market.”

Anthony added that pandemic-related inflation in building materials and labor also contributed to elevated valuations.

Anthony said a “big portion” of new buyers do not have local zip codes. He said some of these people are buying second homes and “Escape Pad”, while some others move here. Anthony said it would be a “shot in the dark” to estimate the percentage of non-local buyers and how they use the properties.

Anthony also said some people come to the area specifically to buy properties for STR use. He said they find underappreciated lots, buy them, prepare them for rental and continue the pattern with other real estate as an investment strategy. If a property is brought up to a newer condition, its appraisal value could increase.

That could be the case, for example, with an STR rebuild that is just before the Lake Placid-North Elba Review Board. A New York City-based real estate management company, Stay at Lina, is looking to convert an old shed on Cascade Road into an eight-bedroom, two-story single-family home that can be used as a non-attended STR.

Anthony said the increasing presence of short-term rentals in the town and village wasn’t responsible for the increasing ratings, but he said it was a factor. A single-family home used as an STR is still a single-family home and would be valued as such, he added.

challenge your assessment

Assessors need to make appointments to hear people’s complaints and comments about their assessments, which is what Anthony is doing this week. Mueller said Anthony’s appointments are completely booked, although people who want to challenge their assessment or who are unhappy with their appointment with Anthony can complain to the Board of Assessment Review about their assessments. The Board is expected to meet on Tuesday 24 May from 1pm to 4pm and 6pm to 9pm at Nordelba Town Hall to hear appraisal complaints. Individuals wishing to mourn their reviews before the panel should make an appointment by calling the reviewer’s office at 518-523-1975.

The Board of Assessment Review consists of three people who listen to people’s concerns independently of the assessor. The board evaluates any evidence that someone might present that shows their property was misvalued, and the board makes a decision to either deny, grant, or compromise the person’s request for a re-evaluation. After that, if someone is still not satisfied with their appraisal score, Anthony said, they would take their case to the small claims appraisal review.

People can learn more about grieving their assessments at https://tinyurl.com/2p97434y.



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