If I haven't communicated this to you yet via snail mail, I'm blogging to help you understand the recent change in home valuations and assessments in Tompkins County. For the past year tax assessments have been based on an eighty five percent valuation of market value for tax assessment purposes. As of July 1, 2008 when the assessment database goes into effect homes assessed valuation will be one hundred percent of the full market valuation.

If a home's full market value in 2007 was $200,000, it would have been taxed at 85% of that times the tax rate. For example, in the Village of Cayuga Heights (including county and school) the taxes were calculated as:

$200,000 x 0.85 x (32.991367 divided by $1,000) so your taxes were $5608.58 minus the Star Exemption.

Now in 2008 your tax assessment will be full market value or 100 percent.

$200,000 x (32.991367 divided by $1,000) so your taxes will be $6598.2734 minus the Star Exemption if tax rates stay the same. The tax rates for town, county and school will not be determined until July 1st.

It appears that some of the full market valuations increased and some of them decreased. Even if your full market valuation decreased in many instances the taxes may go up as the assessed value increased by fifteen percent (from 85% to percent of market value).

To find out more about your tax rates go to the Tompkins County Assessment site. 

Find information here on your home valuation.

If you need more information on your home value and assessed value please feel free to call me.