2011 PRELIMINARY PROPERTY ASSESSMENTS SHOULD BE CLOSELY REVIEWED
In early April each property owner in the Town of Rye received a letter from the Assessor’s Office setting forth the preliminary 2011 property assessment. That assessment establishes the fair market value of the property as of July 1, 2010. Vision Appraisal Technology, an independent assessment and appraisal company, was hired by the Town of Rye to do a wholesale update of the property inventories, data and assessments of all Rye Town properties.
The letter from the Town states that if a property owner is not in agreement with the assessment and believes that it does not accurately reflect the fair market value as of July 1, 2010, then an informal meeting can be set up with Vision Appraisal Technology to present information that could result in an adjustment to the preliminary assessment. I have been advised that such informal process will end on Friday May 20th. I urge property owners who wish to contest the values to immediately call Vision Appraisal Technology at 1-888-844-4300 to set up an appointment.
The Town’s website at www.townofryeny.com sets forth the assessments of each property (go the Assessment Office link), data with respect to the property as well as comparable sales information for the property.
Based on information that has been provided to the Village of Rye Brook, the aggregate assessments in our village decreased 1.35% from the year before and 65% of the Rye Brook properties received a reduction, while the other 35% increased. Some of the assessments increased by as much as 20%! There can be a reasonable explanation why a property’s assessment increased dramatically: a large improvement was made, the property data was previously incorrect and did not reflect improvements that had been made, or the property was underassessed in the past and did not correctly reflect fair market value. However, it is possible that a property received an increased assessment and none of those factors was applicable.
I urge all property owners to review carefully their assessment notices and to advocate for themselves if they are not in agreement with the preliminary property assessment. If you do not contact Vision Appraisal Technology and you want to contest your assessment, you will have the ability to formally appeal your assessment to the Town of Rye Board of Assessment Review between June 1, 2011 and June 21, 2011 by filing a Form RP-524. You can call the Town Assessor’s Office at 939-3566 for more information as to that process.
Joan L. Feinstein
Village of Rye Brook