Property assessments cometh: But first numbers likely won’t hold

For the first time in years, a lack of sufficient staffing prevented Shelter Island assessors from the annual ritual of reevaluating all properties so they could be taxed at 100% of their true value.

Without a new inspection of properties in 2023, the assessors were able to estimate property values at a lower rate for this year. With new property inspections to take place in 2024, they will be able to adjust assessments at values that match what they see.

John Wolham, regional director for the Office of Real Property Services from the New York State Department of Taxation and Finance, was on hand at Tuesday’s Town Board work session to alert property owners to what they can expect in the year ahead.

He had high praise for the town’s practice of doing annual property assessments, something most municipalities have not done. But he wanted to alert taxpayers that some of the early mailings they will receive may appear alarming, but they won’t represent what property owners will ultimately see in their tax bills next year.

Recipients will learn their assessments are likely to increase, but higher assessments don’t necessarily mean higher taxes. There may be some who will eventually see a tax increase, but many will see a bill in line with what they paid this year and others could actually see a decrease in the amount they will owe.

Nobody likes taxes, Mr. Wolham said. But he appealed to taxpayers not to stress over the number they see in that first letter.

The September letter will provide information about the new inspections. But the law requiring a number to be plugged into that letter won’t include data not yet known about spending, Mr. Wolham said.

To know how much money is needed to support town, fire department and school spending, all of those budgets would have to be adopted. The school budget was adopted in May. However, the town hasn’t even started budgeting for 2024, and that will be expected to start in late September and only be adopted in late October or sometime in November.

In March 2024, property owners can expect a better look at what assessors see as the value of their properties and how that will affect their tax bills. They will have ample opportunity to request appointments in a first pass to try to lower the valuations the assessors have assigned.

Anyone who believes their property assessment isn’t accurate can request a meeting with the assessors to make their case. Among issues that may have changed could be the sale of a part of their property, something not necessarily known to the assessors at that stage.

Failing that, in May, they can request an opportunity to contest their taxes and that, too, can result for some in lowering their assessments.