The Town of Wheatland is planning to complete a property “trending analysis” update for its parcels to be done in time for the 2022 assessment roll. NYS currently reports the Town of Wheatland assessed values to be at 89% of it’s true value. When an equalization rate is low, the tax rate increases to adjust for this “imbalance”. This creates a situation where some property owners may not be paying their “fair share” for the services provided to residents. It also creates a situation where the dollar amount that residents qualify to receive for their exemption is reduced. In other words, residents may not be receiving the full benefit of an exemption.
As reported in other areas of the Country, despite COVID, Wheatland real estate sales are coming in much higher than their current assessment. This is good for the resident who is selling their home, but it is creating a deepening “imbalance” for those remaining in the community. The high demand for homes in our community with limited inventory continues to result in substantial increase in local home values. Cautious adjustments are needed to improve the Town’s Equalization Rate as analyzed and reported by the NYS Office of Real Property.
If you have any questions please contact the Assessors office at 889-1553 then press 7.
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