Assessed value is, theoretically, an estimate of how much a home would sell for, and in markets like Westchester's, that number can vary dramatically from year to year.
An assessment done in 1991 found the average assessed value of the cottages was about $20,000, but because of their location they could be worth more.
Even though his taxes would have gone up by about $200 using the new assessed value, he said he would probably not challenge the assessment.
At the time, Millstone's assessed value was $2.9 billion.
While that amount is usually lower than the assessed value -- because the transitional assessed value lags behind the assessed value if the market value of the property increases from year to year -- it is possible for the "actual" assessed value to be lower than the transitional assessed value if the market value of a building decreases).
The allowable assessed value, however, is not necessarily the same as the "taxable assessed value" -- the amount upon which taxes are based.
In any case, the "taxable value" of a Class 2 property is the lower of the assessed value or transitional assessed value.
In the Casals' case, he said, last year's assessed value was $5,500, and their new assessed value is only $3,639, a significant decrease.
Why should my assessed value be increased more, relatively, than another person's?
Hood River County property taxes are $16 per $1,000 assessed value.
A property's assessed value, together with the tax rate applied, determines the final tax bill.
