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Month: May 2019

May 2019

Young homebuyers scramble as prices rise faster than incomes

SALT LAKE CITY — For millennials looking to buy their first home, the hunt feels like a race against the clock. In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry …

May 2019

GOP blocks move on ‘dark stores’

SOMERS — A decision to table legislation on the “dark stores” loophole Wednesday in Madison was not received kindly by some in the state capital or locally. The tax loophole allows big-box retailers to base their tax assessments on abandoned or shuttered stores, saving them millions of dollars in tax breaks and shifting the burden …

May 2019

Town Explains Property Assessment Protocols

MAHOPAC, N.Y. – It’s tax time again and town officials want to make sure you have the proper information on how your property was assessed this year and how you can challenge that assessment if you believe it is too high. Town assessor Glen Droese, and Dave Barnett, vice president and certified general appraiser for …

May 2019

STAR rebates in New York: Why tax assessors are ‘vehemently opposed’ to new changes

ALBANY – Tax assessors across New York are ripping a new state law that will mean homeowners earning between $250,000 and $500,000 a year will get a check for their STAR rebates rather than receiving an upfront savings directly in their school-tax bills. The measure was tucked into the state budget last month and is the sixth …

May 2019

Buffalo home prices keep rising

Median sale price in April rose 6.3% to $144,501 $160,000 2019 $144.501 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 1999 2002 2005 2008 2011 2014 2017 Change in price from the same month the year before. Source: Buffalo Niagara Association of Realtors Home prices aren’t rising as fast as they were during the late …

May 2019

Here’s the latest change to the (New York State) STAR tax exemption

Among suburban voters and lawmakers, the STAR school tax exemption is an endless topic of discussion since over the years there have been a number of tweaks to the popular program, which helps homeowners with their school taxes, over the years. This year is no exception. The latest adjustment centers on pushing the program more …

May 2019

To What Extent Does Your State Rely on Property Taxes?

States and localities rely on property taxes as a major source of revenue. In fiscal year 2016, the last year where data is available, property taxes accounted for 31.5 percent of total U.S. state and local tax collections, more than any other source of tax revenue. In the same year, 26 states and the District …

May 2019

Appraisers vs. Machines

Collateral risk analysis (appraisals being a key element of that) is partially art, partially science.  Those two facets are blended inseparably, like a soup…the  ingredients can’t be separated.  While computers can undeniably perform certain tasks better than humans (such as the handling of large amounts of data) appraisers can perform other absolutely critical aspects of …