Scheduled Reassessment Programs
All municipalities in Ontario County participate in scheduled reassessment programs. Most complete revaluation programs on a three-year cycle in an effort to keep assessments current with market value trends and to maintain an equitable assessment roll.
Monetary Aid Programs
Over the years, the New York State Office of Real Property Tax Services (ORPTS) has offered monetary aid programs to municipalities who participate in cyclical reassessment programs. Most Ontario County municipalities have received funding from these programs to offset the costs of reassessment projects.
Aid for Cyclical Reassessment
In 2010, ORPTS introduced its latest aid package and the guidelines to meet the necessary criteria. The plan is called Aid for Cyclical Reassessment (ACR) and is guided by the standards for assessment administration published by the International Association of Assessing Officers (IAAO).
Real Property Tax Law
The Real Property Tax Law (Section 102) defines a "Revaluation", "Reassessment" or "Update" as "a systematic review of the assessments of all locally assessed properties, valued as of the valuation date of the assessment roll containing those assessments, to attain compliance with the (statutory) standard of assessment."
Cyclical Reassessment Requirements
- Compliance with standards for quality assessment administration
- Reassessments at 100% of value
- Reassessments (complete reappraisals) implemented pursuant to a plan approved by ORPTS
- Four-year plan at the minimum
- Reassessments (complete reappraisals) at least once every 4 years
- Reassessments (complete reappraisals) conducted in the first and last years of the plan
- Inventory collection at least once every 6 years
- Provision of a set of supporting valuation documents and files to ORPTSReview of all properties and adjustment, when appropriate, of certain properties by application of trend factors
The Office of Real Property Tax Services has published guidelines for state aid eligibility under the Aid for Cyclical Reassessment program. The guide includes standards and requirements regarding development of a plan, the length of the plan, frequency of reassessment projects, data collection, as well as specific procedures and documentation requirements.