From the Mayor: Assessed Values of Bronxville Real Estate Defensible; Grievance Numbers Low
By Mary C. Marvin, Mayor, Village of Bronxville
Nov. 14, 2018: As a result of the federal tax law changes and the uncertainty that has followed in the real estate market, the village trustees had our assessor give us an update as to current property values and sales trends. The information was so valuable that sharing with residents was imperative.
As background, the village undertook a full property revaluation in 2007 after over 50 years without a comprehensive update. A full revaluation is a municipality’s only legal opportunity to increase undervalued homes. This is undoubtedly its greatest benefit since without a revaluation, undervalued homes would remain so in perpetuity continuing decades of inequity unless improvements were made.
Even home improvement can only be legally assessed at the value increase they add to a home. As an example, if one’s home is valued at $1 million, even though the market says it’s worth $1.5 million, the addition of a $20,000 bathroom improvement can only raise the assessment to $1,020,000 without a full revaluation, so inequity persists.
Conversely, the state allows for a yearly grievance process where assessed values can only be left intact or lowered. In municipalities with a history of no revaluations and thus indefensible numbers, there is a steady stream of claims that result in decreases in property values that soon prove unsustainable in the long term.
As an example, in 2007, Bronxville had 275 grievance claims, putting 27% of our village taxable assessed value at risk vs 2018, when grievances totaled 34, placing 5% of our total taxable value on the table.
Our grievance numbers are now so low because our values are so defensible. We update village values on a state-approved three-year cycle with roughly 400 homes chosen randomly on a yearly basis.
Outside of this normal cycle, building permits that result in improvements are reviewed yearly to discern additional home value and home sales in real time outside of the three-year cycle.
As perspective,
-
In 2015, $150,816,875 of village valuation was sold in 66 transactions with a median sales price of $2,135,000.
-
In 2016, $130,691,100 of value transferred in 59 sales, transactions with a median sale price of $2,200,000.
-
In 2017, 58 sales were transacted, representing $136,300,000 in village values, repeating a median sales price of $2,200,000.
-
Thus far, in 2018, $101,675,768 in value was sold in 45 transfers with a median sales price of $2,010,000, representing an 8.6% decrease from 2017 values.
Post-tax act (December 2017), village properties sold for 1.43% over actual assessments. Clearly, other factors were also in play, but the tax charges loomed large in the equation.
Addressing the issue of lower sales numbers at the high end of the market, the assessor is contemplating a special review for the home price strata of $3.6 million and above as a legally distinct class and adjust values accordingly.
If grouped as a class for revaluation, $200 million of village-assessed valuation would be in play. If values should drop, for example by 10%, the result would be a $20 million decrease in our current village cumulative assessed value of $3.162 billion.
Thanks to over 90% of villagers opening their homes for inspection, our revaluation serves statewide as a model for accuracy and fairness.
We now defend our values with vigor as our numbers are so defensible and have been almost uniformly victorious in court proceedings affecting all facets of the market – residential, commercial, and multi-unit.
Bronxville Village values uniformly and consistently approximate the assessing ideal of 10% or less from the mean or so-called coefficient of dispersion (C.O.D.). Since assessment of value is as much an art as a science, courts are not likely to impose any revaluation remedies unless the value delta is a full 25% from the mean. Consequently, and unlike Bronxville, municipal taxing authorities that await a court solution to the fairness problem are caught in a spiral of litigation and fruitless expense.
The village has no discretion as to assessment policies, as we are governed by the rules of the New York State Office of Real Property Services. New York procedure is considered rather cumbersome and arcane vis-à-vis those of other states. As an example, Connecticut reassesses property every five years by state law, and Florida uses the method that whatever you were willing to pay for property simply becomes its value. Though no system is perfect, these states offer a level of certainty and predictability not found in New York State laws.
Photo by A. Warner
Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.
Financial & Legal Assistance Directory
Hymes & Associates, CPA, P.C.
Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness, and quality.
Listed as one of the 10 largest firms by The Westchester Business Journal, we serve clients throughout the tri-state area. By combining our expertise, experience, and
the energy of our staff, each client receives close, personal and professional attention.
Our high standards, service, and specialized staff spell the difference between our outstanding performance and other firms. We make sure that every client
is served by the expertise of our whole firm.
Hymes & Associates, CPA, P.C.
55 Pondfield Road
Bronxville, NY 10708
914-961-1200
914-961-1715 (Fax)
Website: www.hymescpa.com
Baillie & Hershman
44 Pondfield Road, Suite - 12
Bronxville, N.Y. 10708
Office: 914-337-6300
Matthew W. Kerner, ESQ.
Direct Dial: 914-337-6569
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fax: 914-337-6913
Suzanne M. Bloomer, Esq.
Direct Dial: 914-337-0142
This email address is being protected from spambots. You need JavaScript enabled to view it.
Baillie & Hershman provides comprehensive Real Estate legal services for buyers, sellers, current owners, real estate agents and lenders. We also handle estate planning, including the drafting of wills.
Griffin, Coogan, Sulzer & Horgan, P.C.
Attorneys and Counselors at Law
Griffin, Googan, Sulzer & Horgan, R.C.
Located in Bronxville, New York, Griffin, Coogan, Sulzer & Horgan, P.C. takes great pride in providing our clients with comprehensive, high quality legal services in a responsive manner. The firm concentrates its practice in real estate law with a primary focus on issues relating to real estate tax litigation (also known as tax certiorari), real estate transactions, valuation law, real property taxation and tax planning and real property tax exemption matters throughout New York State.
The firm serves as general counsel for several local cooperatives and represents clients in various issues relating to wills, trusts and estate planning.
51 Pondfield Road
Bronxville, NY 10708
(914) 961-1300
This email address is being protected from spambots. You need JavaScript enabled to view it.
Nobile, Magarian & DiSalvo LLP
We are hardworking and dedicated attorneys who, combined, have more than 150 years of experience delivering quality legal advice. Our cutting edge is our ability to enter both the conference room and the courtroom with strength. Our law firm provides legal representation and counsel for both individual and business clients on issues related to estate planning and administration, real estate law, litigation, and business law. Our practice areas include: Commercial Litigation, Business Law, Real Estate, Wills, Estate Planning, Trusts, Estate Administration, Living Wills, Health Care Proxies, Powers of Attorney, Not For Profits, and Employment Law.
111 Kraft Avenue
Bronxville, NY 10708
914-337-6300
Veneruso, Curto, Schwartz & Curto, LLP
Veneruso, Curto, Schwartz & Curto is dedicated to providing businesses and individuals with exceptional legal services customized to each client's needs and objectives. Practice areas include litigation, real estate, not for profit, wills and estate planning, land use and zoning, business and corporate, cooperative and condominium and real estate tax assessment litigation.
The Hudson Valley Bank Building
35 East Grassy Sprain Road, Suite 400
Yonkers, New York 10710
914-779-1100
Aegis Capital
Steve brings 40 years of investing experience to his role as Senior Managing Director at Aegis Capital Corp., a prominent national securities firm.
Allstate
Auto, Home, Business and Life Insurance
Exclusive Agents:
Debbie M. Stockton
George L. Petronella Jr.
108 Kraft Avenue
Bronxville, New York 10708
914-961-7200
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://agent.allstate.com/DSTOCKTON2/Welcome/
John L. Vorbach Company, Inc. Insurance Brokers
Manhattan Media & Technology Center
65 Broadway, 9th Floor
New York, New York 10006
212-294-4900 x 112
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.vorbach.com
MDIC Investment Company
Mutual Funds, Stocks & Bonds, Financial & Estate Planning, Investment & Advisory Services, Life & Health Insurance
Daniel S. Macdonald, Jr.
116 Kraft Avenue, Ste. 8
Bronxville, New York 10708
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mdicinc.com
Palmer-Tanno Agency, Inc.
Independent Insurance Agents since 1948
Greg Tanno
141 Parkway Road, Suite #11
Bronxville, New York 10708
914-793-6603
This email address is being protected from spambots. You need JavaScript enabled to view it.
Personal Risk Management Solutions
Focuses solely on personal insurance and
provides unique, customized solutions that save
money and time and create peace of mind.
Linda Graef Jones, Private Client Sales Executive
6 East 43rd Street
New York, New York 10017
914-645-3951
This email address is being protected from spambots. You need JavaScript enabled to view it.
Ranieri Insurance Agency
Auto, Home, Business & Life
Over 50 Years' Experience
Paul D. Ranieri, CPCU
457 Palmer Road
Yonkers, NY
914-376-2560
This email address is being protected from spambots. You need JavaScript enabled to view it.
The Rollins Agency, Inc.
Insurance and Risk Management Solutions
Since 1910
800 Westchester Ave. Suite N-311
Rye Brook, NY 10573
914-337-1833
This email address is being protected from spambots. You need JavaScript enabled to view it.
Financial Legal Assistance Recent Articles
Quick Links
Newsletter
MyhometownBroxnville reserves the right to monitor and remove all comments. For more information on Posting Rules, please review our Rules and Terms of Use, both of which govern the use and access of this site. Thank you.
The information presented here is for informational purposes only. While every effort has been made to present accurate information, myhometownBronxville, LLC, does not in any way accept responsibility for the accuracy of or consequences from the use of this information herein. We urge all users to independently confirm any information provided herein and consult with an appropriate professional concerning any material issue of fact or law. The views and opinions expressed by the writers, event organizers and advertisers do not necessarily represent those of myhometownBronxville, LLC, its officers, staff or contributors. The use of this website is governed by the Terms of Use . No portion of this publication may be reproduced or redistributed, either in whole or part, without the express written consent of the publisher.
Copyright © 2009 myhometownbronxville.com, All rights reserved.