In 2013 the Town of Mamaroneck underwent revaluation, whereby all properties were assessed at 100% of full market value. It is the goal of the Town to maintain its original investment in the 2013 project by continuing to assess properties at 100% of full market value. Equitable property assessments ensure property owners are apportioned their fair share of the property tax levy.
What kind of property is assessed?All real property, commonly known as real estate, is assessed. Real property is defined as land and any permanent structures attached to it. Some examples of real property are houses, gas stations, office buildings, vacant land, motels, shopping centers, saleable natural resources (oil, gas), apartment buildings, factories and restaurants.
How is real property assessed?Before assessing any parcel of property, the assessor estimates its market value. Market value is how much a property would sell for, in an open market, under normal conditions. To estimate market values, the assessor must be familiar with all aspects of the local real estate market.
A property's value can be estimated in three different ways. First, property is compared to others similar to it that have sold recently, using only sales where the buyer and seller both acted without undue pressure. This method is called the market approach and is normally used to value residential and vacant properties.
The second way is to calculate the cost, using today's labor and material prices, to replace the structure with a similar one. If the structure is not new, the assessor determines the depreciation since it was built. The resulting value is added to an estimate of the market value of the land. This method, called the cost approach, is used to value special purpose and utility properties.
The third way is to analyze how much income a property (like an apartment building, store, or factory) will produce if rented. Operating expenses, insurance, maintenance costs, financing terms, and how much money is expected to be earned are considered. This method is called the income approach.
Once the Assessor estimates the market value of a property, its assessment is calculated. New York State law provides that all property within a municipality be assessed at a uniform percent of market value, which for the Town of Mamaroneck is 100%.
For more information please visit the NYS DTF Website.