2024 Reassessment - City Of Rochester
If you’re reading this you may have already received a notice from the City of Rochester Bureau of Assessment with an estimate for your new assessed values for residential and commercial properties. This letter should include the old and new assessment amounts and an estimate of any change in the property owner’s City and School tax amounts.
We’ve compiled some of the most asked questions we get from clients about reassessment below but please do not hesitate to call us at 585-222-SOLD or email AnthonyButeraTeam@gmail.com for any questions you have that are not covered in this post.
IMPORTANT LINKS
Rochester’s Bureau of Assessment
2024 Reassessment Q&A Brochure
Understanding the 2024 Reassessment
What is property tax reassessment?
Think of a property tax reassessment as a check-up for your home's value in the eyes of the taxman. Over time the value of your home changes due to things like the housing market, home improvements, or neighborhood shifts. The biggest impact this new valuation of your home will make is on your property tax burden.
How often do properties get reassessed?
The City Assessor reassesses all properties every four years. The last reassessment was completed for the 2020-21 tax roll.
How is the assessed value determined?
Assessments are based on market value, comparable property sales, and several factors including location, size, age, condition, number of rooms, and quality of construction. Assessors also factor in features like fireplaces, garages, and others which generally add to the property’s value. In some cases, a value will need to be determined by estimating building replacement cost minus depreciation.
What houses do assessors use for comparable property sales?
The value of a house is determined by examining similar properties nearby that have sold in the last 30 months.
What does this mean for my property taxes?
The biggest concern after a reassessment is whether your property tax will be increasing or decreasing. For the city’s 2024 reassessment, the Rochester NY Department Of Finance states:
“Generally, the areas of the city that have experienced greater appreciation in real estate prices over the past four years will see tax increases. Those areas with slight increases or decreases in property value will see their taxes stay the same or decrease.”
The letter you received from the Bureau of Assessment should have your new tax estimate.
What is my current tax rate?
The City Of Rochester’s current tax rate can be viewed HERE
Can I appeal my reassessment?
If you feel like your assessment is too high or inaccurate there is an appeals process for addressing potential discrepancies.
What are the steps in appealing my reassessment?
The first thing you should do if you feel your assessment is incorrect is build your case. This means searching for comparable home sales that your assessment should be more in line with.
Once you have your evidence you need to call 311 from inside the city limit or (585) 428-5990 from outside the city limit to make an appointment with a City appraiser. They will review the assessment with you and consider any information you provide that could change the new value.
Where can I search for comparable home sales?
You can use our comparable home sales website at www.tinyurl.com/ROC-Sold or the city’s website at www.cityofrochester.gov/recentsales
What is the deadline to appeal a reassessment?
You must call by Wednesday, January 31, 2024.
How does the reassessment affect the resale value of my home?
If you’ve had a major change to your property taxes, this will factor into a buyer’s overall cost considerations, potentially making the home less attractive. However, the resale value of your home will ultimately be determined by the market conditions at the time you put it on the market so the 2024 reassessment of your home shouldn’t make a giant impact.
If my assessment went down, does that mean my house will sell for less?
The most important thing to note is your reassessment does not limit the price you can sell your home for. You do not have to sell your house for the same or less than your assessed value.
The Anthony Butera Team would be happy to give you a free home valuation and tell you what we expect your home to sell for in 2024 or beyond.
KEY DATES
Dec. 2023 – disclosure notices sent to notify owners of proposed new assessments; scheduled meetings begin with City appraisers to review assessment
Feb. 1, 2024 – last day for exemption application filing
Feb. 9, 2024 – last day to call to schedule a review meeting with a City appraiser
March 19, 2024 – last day to file a complaint for the Board of Assessment Review
May 1, 2024 – final assessment roll is filed
July 1, 2024 – City and school tax bills generated based on the new assessments
Jan. 1, 2025 – Monroe County tax bills generated based on the new assessments