Tax Assessment is too damn high

[Benjamin Fertich]

Hi All,

I am looking into purchasing a 3 unit building in upstate New York near Watertown. I have several properties here and although I have become accustomed to being robbed by the government something seems a little off about this one. The property is currently listed at 100k, I anticipate picking it up for about 90k. It has not sold or been refinanced in many years (over 20) therefore gaining an accurate assessment of the property is slightly difficult.

The town however has no difficulty assessing this property at $158,000 for tax purposes. $8,000 for land, $150,000 for the structure. I can reasonably imagine that the property could assess for 120k if you looked at it from the right angle with direct sunlight.

So my question.  Is it reasonable to expect upon purchase of the property the town will realize that the property is not worth 158k and will therefore lower the assessment to market rates? Or will I need to file a complaint and ask for a reappraisal? Or do I forget the whole thing and move to a state that actually doesn't hate property owners?

My numbers make sense even with the absurd tax rate so I may go ahead and take the plunge.... obviously nobody knows how the town i'm referring to operates without more information.. just looking for somebody who has dealt with this situation before.