Property values in Southampton Town will continue to increase in 2016, according to the town’s tentative assessment roll for 2016.
“Property values townwide are increasing,” Town Supervisor Jay Schneiderman said in a press release on Tuesday. “This is the first time since 2011 where no community has seen a decrease in property values.”
In fact, the town’s overall tax base will increase by $3.1 billion, or 5 percent over the previous year, from $57.7 billion to $60.8 billion. According to Town Assessor Lisa Goree, of 52,000 parcels located in the town, about 21 percent will see a change in assessment. Of those who do see changes, 1,900 property owners will receive a decreased assessment, while 9,000 property owners will receive increased assessments.
The Town Assessor’s Office analyzed sales within the town from July 1, 2014, through June 30, 2015, and found that there were 263 additional property transfers over the last two years. “This gave us a larger data pool and a more accurate assessment roll for the coming tax year,” Ms. Goree said in the release.
Several factors are considered when evaluating a property’s change in value, including overall market conditions, as well as renovations, additions and demolitions of homes. “Changes are ascertained using a combination of site visits, statistical analysis, aerial imagery and other tools,” according to the release.
The town receives state aid to re-evaluate property values at least once every six years, and this year it will receive $174,000. Properties are appraised at their full market values.
The 2016 tentative assessment roll can be found on the town’s website: www.southamptontownny.gov.