Question about new Home Assessment

Question about new Home Assessment

Posted in the Real Estate Forum

John W

Albany, NY

#1 Mar 29, 2014
We bought our home in 2013 for 320,000. At the time the house's assessed value was 228,000.
The town did a reassessment this year and changed our assessed value to 320,000, a massive increase, our taxes will go up considerably. At the same time, our neighbors all had small increases, the average assessed value for comparable homes in our neighborhood is 240,000. When I say comparable-- same style, age, condition, sq. footage, plot size. Practically the same houses. So, the only difference between their homes and ours is we had a recent sale (our purchase). They have all been in their homes for 10, 15, 20+ years. We are contesting this, as we feel this is unfair. Do we have a case, or will the sale price doom us?
Notes: we feel we overpaid a bit as we had just sold our old house and my wife was pregnant in her third trimester.

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