Property Tax - confused can anyone explain this to me

I am in the town of babylon i was going though a company to greive my taxes i got post card in the mail saying that I am being taxed as it was worth 250K which is what my house apraised for when i bought it last year.

When i was in the process of buying my house i called and they told me my house is being assessed at over 300K (i cant remember the exact number)

So i called them even though the new RA is 250,000 i am still being taxed at assessed value over the 300K.


I am so confused on why my assessed value as not gone done since the RA value as gone down.

The grivenace company said something along the lines that even if my RA values doubles in the next 5 years my assessed value will stay the same and the same is true if it goes down.

All this confuses me can someone explain it in simple terms so i can maybe understand it

Re: Property Tax - confused can anyone explain this to me

The Town of Babylon does not reassess every year. Most jurisdictions do not. Your assessment generally stays the same year to year UNLESS you either grieve your taxes, there is a town-wide reassessment, or you do an addition to the home or other capital taxable improvement.

The ratio that is used to figure out the full market value changes each year.

So even though your assessment may stay the same, your full market value (according to the Town) will change to show market fluctuations, etc.

Right now the RAR (residential assessment ratio) for the Town of Babylon is 1.23%. If your home is worth $250,000, your assessment should be $3,075. ($250,000 X 1.23% = assessment). One caveat - if your home appraised at $250,000 but say you bought it for $300,00, the higher value will prevail because an actual sale is a better indicator of value.