About The Assessing Process

How Property is Assessed 

The Town of New Scotland assesses property based on market value. A property's value can be determined using one of three methods: the market approach, the cost approach or the income approach. Using the market approach, property is compared to similar properties that have recently sold. This method is typically used in determining the value of residential properties. The cost approach calculates the cost of replacing a structure with a similar one using today's labor and material prices, less depreciation. This approach is used to determine the value of industrial, special purpose and utility properties. The income approach is used generally for income generating properties, and analyzes how much income the property will produce if rented. Once full market value is determined, the assessment is calculated. The Town of New Scotland is currently assessing at 100% of market value, and therefore a property's market value becomes its assessment. 

More information is available on the NYS Department of Taxation and Finance's Website

Helpful information on Assessments vs. Taxes.

Key Definitions 

Market Value: The most probable price that the specified property interest should sell for in a competitive market after a reasonable exposure time, as of a specified date, in cash, or in terms equivalent to cash, under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, for self-interest, and assuming neither is under duress.

Arm’s Length Transaction: A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party.

Key Dates of the Assessment Process

  • Exemption Filing Date - March 1
  • Taxable Status Date - March 1
  • Tentative Assessment Roll - May 1
  • Grievance Day - 4th Tuesday in May
  • Final Assessment Roll - July 1
  • Valuation Date - July 1