For most Towns and Cities throughout the State of New York, May 1st ushers in new assessment rolls and equalized market values for commercial and residential properties. As detailed in an earlier tax tracker (see: Assessment Ratios Decrease Across New York State Signaling Likely Spikes in Equalized Market Values – Farrell Fritz), the New York State Office of Real Property Tax Services is charged with the duty of surveying sales data for each municipality and rendering an assessment ratio for each assessing unit on an annual basis. The assessment ratio represents the relationship between a property’s assessed value and its full market value, and a decrease in this ratio typically indicates that the local assessor’s perceived market value (“equalized value”) has increased.
Serving as a bellwether for Counties across the State, with the exception of a few of the East-End Towns, the more densely populated Western Suffolk Towns are scheduled for an average assessment ratio decrease of 8%, which will in turn result in an average increase in equalized values of 8% above last year’s values and an average of 12% above 2023’s.
If the tentative ratios hold true, the most drastic increases in value for 2025 will be seen in the Town of Babylon (12%), Town of Brookhaven (9%) and Town of East Hampton (9%). While some Towns will see valuations holding steady for the 2025/26 tax year (Southold and Southampton), property owners in Shelter Island are in for a drastic change, as the Town has returned to assessing all properties at 100% of market value for the first time since 2021.
Several Towns throughout the County have proposed significant increases in budgets for the 2025 fiscal year (including Babylon – 9.9%; Huntington – 2.54%; Riverhead – 7.9%; and Southold – 7.48%). The combination of decreasing assessment ratios and increasing tax levies underscores the importance for commercial property owners to consult with experienced property tax attorneys who have the expertise required to navigate the current property tax assessment landscape. For the 2025/26 tax year, administrative tax appeals must be filed by May 20th for all properties in Suffolk County.
[View source.]
