City of Jamestown TAX RATES:
School: September 2016: $20.02 per $1,000 of assessed value
City : January 2016: $23.58 per $1,000 of assessed value
County: January 2016: $8.55 per $1,000 of assessed value
The City of Jamestown 2015 Equalization Rate: 100.0%
At its simplest, an equalization rate is the state’s measure of a municipality’s level of assessment (LOA). This is the ratio of total assessed value (AV) to the municipality’s total market value (MV). The municipality determines the AV; the MV is estimated by the state. The equalization rate formula is:
Total Assessed Value (AV)
Total Market Value (MV)
Equalization rates do not indicate the degree of uniformity among assessments within a municipality. (More information regarding uniformity is available from Fair Assessments - A Guide for Property Owners .)
What does your equalization rate mean?
An equalization rate of 100 means that the municipality is assessing property at 100 percent of market value.
An equalization rate of less than 100 means that the municipality’s total market value is greater than its assessed value.
An equalization rate of greater than 100 means that the total assessed value for the municipality is greater than its total market value.
There would be no need for equalization if all municipalities assessed all property at 100 percent of market value every year.
Find the equalization rate for your municipality or school district
The City of Jamestown 2016 Level of Assessment : 100.0%
LEVEL OF ASSESSMENT BASICS
The Level of Assessment (LOA) is simply the percentage of full value at which properties are assessed within a community. For instance, an LOA of 50% would indicate that assessments are at half of the market value; an LOA of 100% represents a community that is assessing at full value.
In most states, assessments are required to be recorded at a single LOA, most commonly 100%. However, in New York State, each municipality is allowed to choose its LOA.
In New York, no matter what LOA the municipality uses, all of the assessments in the community are required by law to be at a “uniform percentage of value.” In other words, if a town chooses to assess at 40% of market value, then all of the properties in the town should be assessed at 40%. (Only New York City and Nassau County are authorized by State Law to assess each of four specific classes of property at different levels.)
WHERE TO FIND THE LEVEL OF ASSESSMENT
Beginning with Governor Pataki’s “Property Taxpayers’ Bill of Rights” in 1998, property tax bills are required to show the municipal LOA and the full value of the individual property. In addition, since 1999, the assessor is required to state the LOA on the tentative assessment roll. (In most municipalities, tentative assessment rolls are published on May 1.)
SYSTEMATIC ANALYSIS AND THE LOA
Since assessors are required, each year, to publicly state the LOA on the tentative assessment roll, and in most communities property values will change from year to year, assessors generally begin the process by analyzing the past year’s assessment roll. In order to analyze changes in the values in the community, a four step process, known as systematic analysis, is recommended.
The City of Jamestown 2016 Residential Assessment Ratio: 100.00%
What is a RESIDENTIAL ASSESSMENT RATIO?
RPTL Article 7, Title 1 - A, Section 738
mandates the calculation of Residential Assessment Ratios (RARs) annually. RARs are used by Assessors as a general measure of assessment equity and by taxpayers in board of assessment review grievances and/or small claims hearings. RARs are NOT issued for: municipalities currently conducting revaluation projects; or who have fewer than 5 residential usable sales that year. The RAR is certified by the State Board no later than sixty days prior to the last day provided by law for the filing of the tentative assessment roll. The certified RAR and the number of sales used in its calculation are sent to the Office of Court Administration and to the appropriate County Director, County Clerk and Assessor. When an RAR is established for New York City, it is certified to the New York City Tax Commission. In all cases, an informational copy is forwarded to the Chief Executive Officer of the assessing unit.