M Delury posted on February 19, 2012 at 7:20 AM
There is another way to calculate Fair Market Taxable Value, The Value which the Taxing Authority feels your home is worth. As the Real Estate Values have fallen you should verify these each year. The rates are established by New York State Office of Real Property.
Know your Assessment, Find Your Tax Bill, Ask for Tax Rate
Tax Bill is $1,000 and your Tax Rate is 20%that means your Assessment is 5,000 (5000 x tax rate (20%).
If we use the rate from Malverne above then 5,000 / .0156 = $320,512. That means the Village feels your home is worth $320,500 rounded.
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