Ossining Reassessment 2016 Tyler Technologies
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1 1 Tyler Technologies
2 Phases of Reassessment Data Collection May 2014 to March 2015 Data Analysis May 2014 to July 2015 Valuation Review & Informal Meetings Sept 2015 to May
3 Data Collector Screening and Information The comfort and safety of residents is of the utmost importance to Tyler. For that reason, we have done the following: ALL Tyler personnel have had background checks prior to employment. ALL Tyler personnel will have an ID card with a photo. Photos and car information will be provided to each police department. This same information will be available on the project website: MMRC.tylertech.com (no Each data collector will have a letter of introduction from the Assessor available for viewing. 3
4 Phases of Data Collection Data Collection Pre Data Collection Mailing Exterior Measurements Interior Inspection Data Mailers and Quality Control 4
5 Pre Data Collection Mailing Approximately 7-10 days before the data collectors will be in your area you will receive a brochure with Frequently Asked Questions 5
6 The Visit(s) Upon arrival at your property, the data collector will first either knock or ring the doorbell. If you are home, the data collector will explain the reason for the visit and show you their ID. They will request to measure the exterior and perform a short interior inspection. If you are not home, they will measure the exterior of the unit (if possible). A second visit will be made after 5 but before dusk or on a Saturday. If you are not home on the second visit, Tyler will mail you a postcard requesting you make an appointment to complete the interior inspection. 6
7 Exterior Measurements Measurements are taken from the exterior or from existing plans. Interior staircases, closets, etc are included in the living area. Areas such as garages, porches and decks are listed and valued, but are not counted as living area. 7
8 Interior Inspection The interior inspection consists of a short tour of your home. The data collector will ask to view: Each room The basement The attic The garage They will note: Room count (# bedrooms, baths, kitchens, rooms) Type of heat/air conditioning Features such as fireplaces, wood stoves or central vac Area and quality of finished basement 8
9 Data Mailer Once the data has been collected and entered into the database, a property inventory form or data mailer will be mailed to each residential property. When you receive it, we ask that you carefully review the data on file for your property. If the data is correct do nothing. If it is not correct make the change directly on the form and return it to Tyler. While an updated form will not be mailed to you, the data will be available on the Consortium website for your review. 9
10 How will condos be valued? 10
11 How will condos be valued? Per NY state law, condos are currently valued as a commercial property using the income approach. Rather than determining the value based on sales of similar units, the amount the unit would rent for as if it were an apartment is used, minus typical expenses. The resulting net income is divided by a capitalization rate (similar to an interest rate and typically between 5-8%). During this reassessment, Tyler will estimate both the market value using sales of similar units AND the income value. Once ALL the new assessments are calculated and compiled, the Town will make a decision regarding whether to adopt Homestead. 11
12 Market Approach Condos are a unique property type and will not be compared to other property types such as single family homes. Condo complexes are similar to neighborhoods in that the market forces are unique as are the amenities. Whenever possible, only sales of units within a complex are used for comparison. 12
13 What is Homestead? Homestead is a tax policy option available to municipalities that implement a reassessment. It creates two tax classes, homestead and non-homestead. The preliminary assessments for all parcels in the Town of Ossining will not be available until early This is the data necessary for a tax shift analysis by which the Town can then make an informed decision about the use Homestead. While the Town plans to review this tax shift analysis at that time, no conclusions should be drawn about the Town's potential adoption of Homestead until then. 13
14 What is Homestead? 14
15 What is Homestead? 15
16 Thank you for joining us today. We would be happy to answer any questions at this time. Visit us at MMRC.tylertech.com 16
17 MMRC.tylertech.com 17
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