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GRIEVING PROPERTY TAXES…Everything you need to know.

Grieving property taxes can yield a cost savings for local taxpayers. All municipalities in Westchester County, including Rye and Harrison, have a Grievance Day – a specific day to hear property tax appeals.  In 2018, that day is Tuesday, June 19th. The tax grievance period this year is is June 1st-June 19th. To do the math homeowners need their total assessed property value and the current Residential Area Ratio (RAR).

ASSESSMENTS
Before pursuing formal review of your assessment, you should first determine if you are assessed fairly. Click HERE to read about the steps in this process.
In Rye you can find your assessed value by going to joanomeara.com – Click Rye City/Online Services/Property Tax Search. Enter your address and you will see the Total Assessed Value. For Harrison go to joanomeara.com – Click on Town of Harrison/Departments/Assessor/Final Assessment Roll.

RESIDENTIAL ASSESSMENT RATIO (RAR)
The RAR is an indication of the level of assessment for residential real property in a municipality. It is a measurement of the overall ratio of the total assessed value of residential property in the municipality compared to the full market value of that residential property. The RAR can be used by homeowners in a Board of Assessment Review (BAR) grievance and in a Small Claims Assessment Review (SCAR) hearing. Bottom line is your assessed value divided by the RAR will tell you what the city/town has your house valued at for tax purposes. The state issues updated RARs annually around this time of year.  The new RARs were just issued in April. Rye = 1.53% and Harrison = 1.57%

Examples to Calculate your House Value for Tax Purposes:
Rye City RAR of 1.53% for 2018
Total Assessed Value of $30,500/1.53% = $1,993,464

Town/Village of Harrison RAR is 1.54% for 2018
Total Assessed Value of $30,500/1.54% = $1,980,519

Helpful Links and Forms to Grieve your Taxes:

Rye: To download the form and the instructions on the City of Rye Website then look under Permit & Forms/Tax.
In Harrison: Applications are available in the Assessor’s Office in Town Hall (1 Heineman Place).

For more information on RAR click HERE. For more information on property assessments click HERE.

If you have any questions about this process please feel free to reach out to Joan at jomeara@houlihanlawrence.com or 914.329.5329

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GRIEVING PROPERTY TAXES…Everything you need to know.

Now that you have filed your taxes, it is time to think about your home assessment and the taxes you are paying on your property. Grieving property taxes can yield a cost savings for local taxpayers. All municipalities in Westchester County, including Rye and Harrison, have a Grievance Day – a specific day to hear property tax appeals.  In 2018, that day is Tuesday, June 19th. The tax grievance period this year is is June 1st-June 19th. To do the math homeowners need their total assessed property value and the current Residential Area Ratio (RAR).

ASSESSMENTS
Before pursuing formal review of your assessment, you should first determine if you are assessed fairly. Click HERE to read about the steps in this process.
In Rye you can find your assessed value by going to joanomeara.com – Click Rye City/Online Services/Property Tax Search. Enter your address and you will see the Total Assessed Value. For Harrison go to joanomeara.com – Click on Town of Harrison/Departments/Assessor/Final Assessment Roll.

RESIDENTIAL ASSESSMENT RATIO (RAR)
The RAR is an indication of the level of assessment for residential real property in a municipality. It is a measurement of the overall ratio of the total assessed value of residential property in the municipality compared to the full market value of that residential property. The RAR can be used by homeowners in a Board of Assessment Review (BAR) grievance and in a Small Claims Assessment Review (SCAR) hearing. Bottom line is your assessed value divided by the RAR will tell you what the city/town has your house valued at for tax purposes. The state issues updated RARs annually around this time of year.  The new RARs were just issued in April. Rye = 1.53% and Harrison = 1.57%

Examples to Calculate your House Value for Tax Purposes:
Rye City RAR of 1.53% for 2018
Total Assessed Value of $30,500/1.53% = $1,993,464

Town/Village of Harrison RAR is 1.54% for 2018
Total Assessed Value of $30,500/1.54% = $1,980,519

Helpful Links and Forms to Grieve your Taxes:

Rye: To download the form and the instructions on the City of Rye Website then look under Permit & Forms/Tax.
In Harrison: Applications are available in the Assessor’s Office in Town Hall (1 Heineman Place).

For more information on RAR click HERE. For more information on property assessments click HERE.

If you have any questions about this process please feel free to reach out to Joan at jomeara@houlihanlawrence.com or 914.329.5329

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First Quarter 2018 Executive Summary
by Anthony Cutugno (Senior Vice President/Director of Private Brokerage):

The first quarter of 2018 marked an important milestone for Houlihan Lawrence and Westchester County. In February, Hudson Pines, the country home of David Rockefeller in Pocantico Hills, sold for $33M and represents the highest recorded sale in Westchester County. Listed by Houlihan Lawrence in September for $22M, its provenance and architecture generated substantial interest and ultimately sold for 50% over its asking price. The broader luxury market in Westchester County (sales over $2M) declined over 20% the first quarter. Fortunately this is not part of a larger trend. Sales increased in the fourth quarter by 9% and closed out 2017 with a near 5% increase. Luxury pending sales are up slightly, but the decline can likely be attributed to the small numbers and wide percent change swings of first quarter data. In Dutchess County, where luxury sales (sales $1M and higher) have yet to recover from 2008, the market may have turned the corner. Incremental growth in 2017, coupled with a notable uptick in total dollar volume in the first quarter, points to a broader trend in Northern Westchester and the Hudson Valley – the return of second-home buyers. The energy and ethos of the Hudson Valley are attracting a new generation of luxury buyers. Farm-to-table restaurants, art galleries and its community of artisans offer a quiet sophistication that is pitch-perfect with younger buyers. Compared to overheated and overcrowded second-home markets like the Hamptons, the Hudson Valley’s value proposition and ease of commute to and from NYC are becoming hard to resist. In Greenwich, the ultra-luxury market (sales $5M and higher) is keeping pace with last year’s stellar performance. First-quarter closed and pending sales grew over last year, and strategic pricing is driving its growth. Luxury buyers have the wherewithal to make significant residential purchases, and their willingness to act is triggered by correctly priced homes. When a seller lists his home at an offering price that aligns with buyer’s determination of value, it’s not surprising that a properly priced home sells within 5% of its offering price. We are in a demographically ripe environment – Gen X and Millennial buyers outnumber baby boomers, and will fuel growth for many years. No matter what generation of luxury buyer, larger macro-economic issues remain an ongoing concern. The volatility on Wall Street and in Washington, inflationary fears stoked by rising interest rates, and trade wars and global uncertainty could impact confidence levels that are critical to the luxury sector.

To view the complete report CLICK HERE.

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Despite the chilly temps and the possibility of some snow on Tuesday, it is technically spring and that means time to start prepping your home for the warmer weather. Here are some tasks we suggest you do in the upcoming month:

  • Clean the windows and screens (best to do on a cloudy day).
  • Check the exterior walls and look for splitting wood, peeling paint, mold, etc.
  • Remove debris from gutters and make sure downspouts drain away from the foundation.
  • Inspect the roof for any damaged or missing shingles.
  • Repair and clean deck. Might be a good time to stain it as well.
  • Check the driveway for cracks or winter damage.
  • Clean out garage and wash the garage door.
  • Clean outdoor furniture and grill.
  • Weed the garden beds and remove shrub covers (if applicable).
  • Trim back shrubs and mulch.
  • Check outside faucets and hoses for freeze damage.
  • Check in-ground irrigation system or have it professionally serviced.
  • If you have central air this is a good time to call and get your AC unit serviced.

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New Bravo Show is Looking for Properties to Design!
A casting producer with Critical Content in LA has recently contacted us. He is working on a new interior design show with an emphasis on high-end design. He is searching for homeowners in the Rye area who need help pulling their space together. Whether you have a new space that you having trouble conceptualizing or if you can’t settle on a design style – this would be an amazing opportunity for you. A top celebrity interior designer will be coming to your home and personally curating a look perfect for your needs. This is a once in a lifetime opportunity! Please see details and contact information on the flyer below. If you would like us to email you the flyer please email jomeara@houlihanlawrence.com.

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Actively searching for a home or just want to keep up-to-date on the local real estate market? Houlihan Lawrence’s Homefinder delivers the newest listings directly to your inbox. This report can be tailored to your own specific search criteria (city, school district, price range, etc…) and will send you new listings immediately when they become active. Below is a sample email giving you the basic facts regarding the home. In addition, you can click on “View Details” for full description and photos. If you are interested in receiving Homefinders please email Joan today at jomeara@houlihanlawrence.com.

 

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If you are thinking of listing your home in the near future, you should consider the benefits of staging. It is a proven fact that staged homes are more likely to sell faster and for a higher value then non-staged homes. According to the 2017 National Association of Realtors:

  • 40% of buyers are more willing to walk thru a staged home that they viewed online
  • 77% of buyers find it easier to visualize the property as their future home when it is staged
  • 38% of sellers agents believe the staging increased the value of the sale
  • 97% of buyers agents says that staging has an effect on the buyers view of the home

A Home Gain report states that typical staging costs yield 196% return to the seller, with basic staging improvements such as brightening and de-cluttering, yielding up to 702%.

Here is an example of a home we staged in Rye. This staging brightened the room and gave it a more modern look.

 

Dining Room Before Staging

Dining Room After Staging

Feel free to contact us today to discuss staging your home….jomeara@houlihanlawrence.com or 914.329.5329

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