However, this outcome, increased sample size, is not practical in most situations although there already is a wealth of data sitting in county or town records in the form of assessed values
and sales prices for each property that sold.
The league notes that 15 of the 17 states that have limits similar to those of Measure 50 reset assessed values
when property changes hands.
That produced an increasingly large gap between market values and assessed values
that at its peak had some homes assessed at prices that were little more than half of what they could be sold for.
Developers are simply seeking a five-year phase in- of the improvements that would follow the current transition assessment guidelines for any other in crease in assessed value
. But that change has to be added to the state enabling legislation.
Measures 47 and 50 limit the growth of assessed value
to 3 percent a year.
With respect to real property assessments, the lesson of the 90s has been that those owners who took a proactive approach to the City's assessment practices, realized the greatest reductions in assessed values
. This lesson still has great relevance in the moribund Downtown market.
For commercial properties, median assessed values
rose from $799,065,850 in 2016 to $1.3 million this year, a 67% increase.
For the past two years, the city's Department of Housing Preservation and Development, or HPD has been denying J-51 tax breaks to certain landlords because their properties had an average assessed value
of more than $40,000 per unit.
Taxes usually are tied to "maximum assessed values
," first set in the 1997-98 tax year, and capped at 3 percent increases each year since then.
They may make adjustments to the assessed values
that are different from the other adjustments; consequently, the assessed value
of a town and a village may be different.
A similar trend is evident for personal property estimated actual and net assessed values
from 1995 to 2004 (see Exhibit 2).
When the taxes billed are divided by the gross assessed values
of the properties, we get the effective tax rate.