Job
of the Assessor: The assessor also updates new construction, and major improvements to existing structures as to maintain a current value. The assessor also approves and keeps track of property tax exemptions Senior citizen, School Tax Relief (STAR), veterans and agricultural. The assessor reviews every transfer of real property in the municipality. The basic information on the buyer, seller and sale price is reviewed for accuracy. Assessment records are then updated.
The complexity of Equalization
Values and Taxable Values: A municipality is authorized to assess
at market value. The Assessed value is the level of
assessment a community is assessing at, in this
instance the Town of Moreau has a LOA (level of
assessment) of 100%, which is the taxable value, based
on sales and other components throughout the year. The equalization rate is the state’s
means to assure property tax allocation among taxing
jurisdictions and to allocate State Aid for Education.
Aside from
apportionment of taxes among municipal segments of school district, counties
and distribution of State Aid for Education, the rate is
used to establish tax and debt limits,
determination of state assessments such as state-owned
land, railroad, agricultural values and the level of
star exemptions. The rate takes into consideration all
major type properties. Equalization rates DO NOT
indicate the degree of uniformity among assessments within
a municipality.
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