In an earlier entry titled: “How Will Property Value Re-Assesments Affect Property Taxes” I stated incorrectly that “Full Market Values are updated to the sale price of properties on the date of sale”. This statement is incorrect: Selective assessment is a violation of the Equal Protection guarantees of the United States and New York Constitutions. The prime example of “Selective re-assessments” are “welcome stranger” assessesments where the Full Market Value of homes are set to their sales price on the closing date (or at a later date) without the entire municipality similarly re-appraised. See, for example, the following links:
https://www.tax.ny.gov/research/property/assess/selectivevsfair.htm
Sorry for the error.
Local Government Matters 