Answer:State law requires a revaluation every ten years. Rockland’s last full revluation was completed in 2005 so it’s long overdue. Over the past decade the market value of property has increased, which caused the ratio of assessed value to sales price to grow out of alignment. When this “Assessment Ratio” falls below a certain percentage, the State reduces many reimbursements and exemptions, among other things. This means that our homeowners aren’t getting the full value of exemptions they are entitled to such as the Homestead and Veteran’s exemptions.
Recent Posts
State law requires a revaluation every ten years. Rockland’s last full revluation was completed in 2005 so it’s long overdue. Over the past decade the market value of property has increased, which caused the ratio of assessed value to sales price to grow out of alignment. When this “Assessment Ratio” falls below a certain percentage, the State reduces many reimbursements and exemptions, among other things. This means that our homeowners aren’t getting the full value of exemptions they are entitled to such as the Homestead and Veteran’s exemptions.
Recent Posts
