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Don’t miss this opportunity! Tax Grievance Day is JUNE 18TH in Rye & Harrison. Here is everything you need to know…

The RAR and what it is used for: The Residential Assessment Ratio (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 (Residential Assessment Ratio) 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.  In Rye you can find your assessed value by going to joanomeara.com – Click on Rye City/Resident Services/Taxes/Property Tax Search. Enter your address and you will see the Total Assessed Value. For Harrison go to joanomeara.com – Click on Village/Town of Harrison/Departments/Assessor/Final Assessment Roll

ASSESSMENTS SHOULD BE CHECKED ANNUALLY.
Are you interested in getting your home assessment lowered? All municipalities in Westchester County, including Rye and Harrison, have a Grievance Day – a specific day to hear property tax appeals.  That day is Tuesday, June18th. The tax Grievance period this year is is June 1st-June 18th. 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.

Rye: To download the form and the instructions on the City of Rye Website then look under Permit & Forms/Tax.

In Harrison: Click Here to view procedures. 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 or concerns please feel free to email me (jomeara@houlihanlawrence.com) or call me (914.329.5329)!

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Happenings at Rye Town Park

Where: Rye Town Park (95 Dearborn Ave, Rye, NY 10580)

Rye Town Park has it all! Grab your picnic dinner and some wine and stroll down to Rye Town Park for a concert at the South Pavilion, children’s story times, a magic show, outdoor movie, and Shakespeare in the park!

Twilight Concert Series:

When: Tuesday, June 18th thru Tuesday, August 13th | 7:30pm
Where: South Pavilion

It is always fun when your children’s 2nd grade teacher is multi-talented! Mark your calendar for June 25th, when Mrs. Reist of Twist of Fate takes on the steel drums at Rye Town Park! If you can’t make it on June 25, many other amazing bands to see throughout the summer! There is lots of room for sitting outdoors on the lawn or beach. Concerts are held rain or shine, except in heavy thunderstorms. There are two rain dates scheduled if needed. Picnicking is welcome starting at 6:00pm.

Children’s Storytimes Programs:

When: Tuesday, July 9th thru Tuesday, August 27th
Where: South Pavilion

The staff of the Rye Free Reading Room will be leading young children and their caregivers in a fun and educational series of reading, games and other activities. Each program provides participants very interactive things to do.  These programs are held rain or shine. There is no cost, but normal parking fees apply.

Magic Show:

When: Wednesday, July 17th | 7:00pm
Where: On the lawn by the north beach entrance and snack bar building

Shakespeare in the Park:

When: Friday, July 26th and Saturday, July 27th | 6:30pm
Where: On the lawn by the small pavilion

Performances will be presented by the Lawnchair Theatre company.

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Tax Grievance Day is June 18th in Rye & Harrison. Here is what you need to know…

The RAR and what it is used for: The Residential Assessment Ratio (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 (Residential Assessment Ratio) 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.  In Rye you can find your assessed value by going to joanomeara.com – Click on Rye City/Resident Services/Taxes/Property Tax Search. Enter your address and you will see the Total Assessed Value. For Harrison go to joanomeara.com – Click on Village/Town of Harrison/Departments/Assessor/Final Assessment Roll

ASSESSMENTS SHOULD BE CHECKED ANNUALLY.
Are you interested in getting your home assessment lowered? All municipalities in Westchester County, including Rye and Harrison, have a Grievance Day – a specific day to hear property tax appeals.  That day is Tuesday, June18th. The tax Grievance period this year is is June 1st-June 18th. 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.

Rye: To download the form and the instructions on the City of Rye Website then look under Permit & Forms/Tax.

In Harrison: Click Here to view procedures. 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 or concerns please feel free to email me (jomeara@houlihanlawrence.com) or call me (914.329.5329)!

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EXECUTIVE SUMMARY (Excerpt) by Stephen Meyers (CEO) and Chris Meyers (President)

The real estate markets in the suburbs north of New York City finished the first quarter of 2019 with generally slower sales and higher inventory in most markets, signaling a clear opportunity for home buyers. The sale of single family homes in Westchester County declined by 5% in the first quarter, following a decline of 5% in fourth quarter 2018. Cost per square foot dipped below $300 this quarter, the first time since 2013. The supply of homes for sale up to $2.5M grew, giving buyers a bit more selection in an inventory constrained price range. Most communities experienced declines with the exception of Lower Westchester. An uptick in Bronxville and Scarsdale contributed to a 14% increase in homes sold. Westchester’s condo and coop markets are largely unchanged and the appeal of multi-family living remains strong. These markets are buoyed by two significant groups of buyers – downsizers and first time homebuyers –wanting the same product. Convenience, access to transportation and vibrant downtown areas are consistently on their wish list.

The number of buyers originating from NYC has fallen as the market in NYC has softened, negatively impacting our markets. Many NYC buyers have homes to sell before they can actively bid and transact on a new home. They have the motivation to move north, but not the ability to make a purchase. Tax reform has affected our markets especially in Westchester County. Of the near 1,000 homes that sold in Westchester in the first quarter, over 80% had property taxes $10,000 and higher. The average property tax bill was $21,000, and the highest was $131,000. We have some headwinds to manage – namely the effects of tax reform and a challenging luxury market. Our proximity to NYC, energetic neighborhoods and unmatched community amenities make living north of NYC desirable and exciting. The spring market was slow to start and activity has picked up the past six weeks. Interest rates are low, the stock market is healthy and employment – and our optimism for the second quarter – is growing.

To see the full summary and report CLICK HERE.



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Stop by 179 Forest Avenue with some friends to tour this beautiful home and to get some Mother’s Day shopping done.
Friday, May 3rd | 10:00am-3:00pm

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1st Quarter 2019 Executive Summary – Luxury Market Report
by Anthony Cutugno (Senior Vice President/Director of Private Brokerage):

Over the past 6 months, the number of luxury home sales North of NYC experienced a decline of 33%. Westchester County (sales $2M and higher) suffered the steepest drop – down 38%. There is no isolated incident that accounts for losses, but rather a confluence of events that negatively impact our markets and effectively shrinks the number of luxury buyers north of NYC. The real estate market in NYC has softened resulting in fewer buyers leaving the city to head north because their apartments remain unsold. This important feeder market was robust just 18 months ago. Condos, coops and town-homes appreciated in value, sold quickly, and reliably drove buyers leaving the city to our area. Now listings are sitting on the market longer as inventory grows, selling for less than expected. As the market leader, Houlihan Lawrence tracks where buyers come from and our data indicates a 40% decline this year in the number of NYC buyers moving to the suburbs compared to same period last year.

As NYC finds its footing in a changing real estate market, this April marks the first tax season with new tax laws. Homeownership is now more costly without property tax deductibility, especially in NY which has among the highest property taxes in the country. Consequently, many would-be move-up buyers – another important segment for the luxury market – are now more likely to stay in their current home than trade-up to a bigger and more expensive property. Instead, they may add an extra bedroom or renovate their kitchen rather than assume higher property taxes, a larger mortgage and increased maintenance costs. Tax reform has also pushed some residents of NY and CT to strategically relocate to more tax-friendly states. Low-tax states such as Florida, Texas and North Carolina gained the most population in 2018.

Sharp declines in the market represent an opportunity for savvy buyers. Deals are coming together albeit at lower prices with sellers who meet the market. Luxury buyers have high standards – they want a turnkey property that represents value. Razor sharp pricing and impeccable presentation are the best tools a seller has to attract buyers actively in the market. Houlihan Lawrence participated in 71% of all luxury transactions in the first quarter and our pulse on the market is reliable. Our agents are busy and we are anticipating deals will come together at a faster pace in the second quarter than these past six months. Continued confidence in the economy is evident in the rebounding stock market and stable interest rate environment. The spring market had a late start and the next eight weeks will be pivotal during this important selling season.

To view full report CLICK HERE.

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