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At the time, Millstone's assessed value was $2.9 billion.
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.
In 2004, the average assessed value was 83percentt of the market value; in 2005 it had slid to 69percentt, and in 2006 it was down to 59percentt.
Similar(55)
Why should my assessed value be increased more, relatively, than another person's?
The assessed value is usually significantly lower than the market value.
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.
A former tile-manufacturing town in western New York, Alfred has a shockingly skinny tax base: a whopping 90 percent of its assessed value is estimated to be tax-exempt.
In addition, buyers pay a transfer tax equal to 2 percent of the assessed value of the land, but Ms. Triveri said the assessed value is usually much lower than the market value.
One rumored figure I heard a couple weeks ago for the value of the leaseback was $420 million, although another source claims that number is way too high and even the assessed value is still in question.
The assessed value is $12,540,123, and Jackson is believed to get a tax break on the property since some of the land qualifies for an agricultural preserve credit (given out to land owners whose property is used for agricultural purposes).
Since everyone wants to pay less taxes, the assessed value is often well below market value.
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