Metro New York Chapter Addresses Residential Tax Valuation Workshop
At a community workshop on residential property tax valuation sponsored by Rep. Gregory Meeks, D-N.Y., members of the Metropolitan New York Chapter of the Appraisal Institute gave attendees insight on property tax assessment procedures and the appeals process. The workshop, which attracted roughly 60 attendees, took place Feb. 22 at the Jamaica Performing Arts Center in Jamaica, N.Y.
Chapter President Kenneth Wong, MAI, and Scott Gallant, SRA, along with members of law firm Baker Hostestler, LLP, educated homeowners about New York’s assessment policy, explaining that assessments cannot increase by more than 6 percent annually or 20 percent during a five-year period. In addition to providing sources on where to obtain city-specific property valuation information, the audience was informed about the various forms required to apply for an appeal as well as associated deadlines.
Meeks organized the workshop to educate homeowners on how to appeal property assessments to better match current economic conditions, in response to the fact that home values in the area have fallen since the collapse of the housing boom. The workshop also illustrated how New York City’s Department of Finance uses various approaches to value residential property.