Understanding Assessments

Your property's assessment is the official valuation of your property as determined by your Town/Village. While your property's assessment is based upon the market value of the property, in many situations the assessment will vary significantly from the market value. This is because each municipality assesses properties at different percentages of market value. 

For instance, within the BCSD, Bedford assesses at a rate lower than Mount Kisco, New Castle and Pound Ridge. As seen in the following table, North Castle assesses at the lowest rate.              

 Municipality Market Value Assessed Value
 Bedford$589,908         $64,300
 Mount Kisco    $590,643 $96,000
 New Castle$586,387 $112,000
 North Castle$570,796 $12,900
 Pound Ridge$585,611 $105,000

As you can see, a property of approximately the same market value can have an assessed value of anywhere from $12,900 to $105,000 depending on municipality. Remember - school taxes are based upon the assessed value of your property. So does that mean that properties of similar market value from town to town pay vastly different school taxes? Nope, because NYS ensures that properties of similar market value in the same taxing jurisdiction (in this case, the BCSD) pay approximately the same amount of school taxes with a magic (okay, not really) concept called the Equalization Rate. Read on here: Equalization