40.5% of U.S. Properties May be Over-Assessed

For many Westchester County homeowners, spring doesn’t just bring blooming magnolias, it also brings the annual property tax assessment. If you’ve looked at yours and thought, “This can’t be right,” — you might be right. An article from Realtor.com suggests that approximately 40.5% of U.S. properties may be over-assessed. With home prices up more than 30% since 2020 in Westchester​, it’s no surprise that some assessments feel inflated. But municipalities don’t always get it right.

Here’s how we review property taxes and what to do if you're over-assessed:

1. Find Your Assessment: Check your tax bill for Total Assessment or Taxable Value.

2. Check the Residential Assessment Ratio (RAR): The RAR is a yearly rate set by NYS. It rises when the market falls and drops when prices go up. Find it here

3. Calculate Your ‘Assessed Value’: Divide your assessment by the current RAR.

What to do if your property is over-assessed:

1. Gather Evidence: Pull together comps, photographs, appraisal data, or recent information showing the home’s actual value.

2. File a Grievance: In most Westchester towns, the deadline is the third Tuesday in June. Submit form RP-524 to your local assessor’s office.

3. Attend the Hearing (Recommended): Bring evidence, stay professional, and be concise.

4. Await a Decision: If denied, you can pursue a Small Claims Assessment Review (SCAR).

Ralph’s Take

There’s more to this process than I can cover here — but most homeowners never appeal, which is why over-assessments often go uncorrected. Whether you’re thinking of selling or staying long-term, a lower assessment means lower taxes and greater affordability. It can help boost buyer interest when it’s time to list. If you would like help reviewing your assessment or pulling comps, I’m happy to assist. This is part of what we do for our clients every year, and it’s always worth the review.