Rochester Tax Assessments
Hello all,
Does the sale of a property automatically trigger a tax reassessment in Rochester, NY? We're in the process of buying an apartment complex that was rehabbed and stabilized after the last purchase. The sellers bought it for $155000, and the assessment stayed about that until last year when they got notice it would be increased to $165000. (The property appraised for ~$360000 when they refinanced two years ago.)
The numbers work if the tax assessment stays at $165000 (current taxes ~$9000) If we buy it at $350000, should we expect that the tax assessment will change to match our purchase price, and our taxes double?
Most Popular Reply
They do weigh heavily on purchase price. I did try to challenge a higher reassessment this year on two of my properties and they just said that if I paid x amount, the properties must have been worth it and assessments should reflect that. Good luck!