Wednesday, January 26, 2011

East Hampton Tax Assessments

There have been many questions and some confusion on the letters that went out to all property owners in East Hampton. 

In December you received a notice about your property's value. The Town went through it's 5 year reassessment. Most property values should have gone down., however many went up. The reassessment process, the many mistakes of the appraisal company and the conduct through the first round of informal appeals has many people upset. 

First, every 5 years the Town has to have a reassessment. It's law and it's not of the Town's choosing.   As a result of the periodic assessment the Town  makes a Grand List, which is a list of all taxable properties within the boundaries of the town. The Grand List is compiled each year and signed by the tax assessor. It is maintained as the master document regarding the property taxes payable to the town. When the Grand List is completed, property owners have a brief period to appeal the assessment. If they do not appeal within the allotted time, then the ability to argue for a reduction in the assessment is lost. 

Normally, the Grand List comes out in January, and property owners are allowed to file appeals at any time between February 1 and February 20th. This year, the process has changed a little. The Town of East Hampton has been given until the end of February to publish its Grand List, which means that appeals are to be filed from March 1 to March 18. It appears that there were so many complaints by property owners regarding the recent property revaluation that the Town may have needed the extra time to handle all the fallout. If you went to a hearing with the appraisers, then you will receive notice of the result. If you did not go to a hearing, then you will not receive notice, and starting February 1st is your time to file an appeal.

The recent reassessment of property values will remain on your property for the next 5 years. If you were surprised by an increase that seems out of sync with the real estate market downturn, you may have reason for appeal. If you don't appeal then you are stuck with the valuation.

There are specific reasons and arguments that can be made at a tax appeal, you can't just walk in and say that you don't think the appraisal is correct. Attorney Erik Roberts of Barber & Roberts in East Hampton is handling the property tax appeals for anyone who would like to appeal their assessments, and they are offering a free half hour evaluation to see if you have an appealable appraisal. They can be reached at 860-267-2263.

We had originally believed that a second notice would go out, this is not the case. There will be no other notices from the Town. February 1st starts your appeal date.
As always, please let me know if you have any questions. 

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