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Posted on: May 4, 2016

Southampton Property Values On the Rise

NEWS RELEASE, May 2, 2016

Southampton Property Values On the Rise

Town Releases Tentative Assessment Roll, Tax Base Grows by $3 Billion


In releasing the 2016 Tentative Assessment Roll, Southampton Town officials report that the municipality’s total tax base appreciated $3.1 billion over the previous year, increasing five percent from $57.7 to $60.8 billion.

“The real estate market is the strongest it has been since 2009,” said Town Supervisor Jay Schneiderman. “Property values townwide are increasing. This is the first time since 2011 where no community has seen a decrease in property values.”

The latest figures come on the heels of the Town’s 2016 update to the more comprehensive reassessment effort carried out last year. The Town of Southampton is one of the only towns in Suffolk County where properties are appraised at their full market value with the goal of ensuring that no parcel owner pays a disproportionate share of a community’s tax levy.  Under a contract with the New York State Office of Real Property Services, the Town conducts townwide re-evaluations at least once every six years in exchange for state aid which helps offset the cost.  This year, Southampton will receive approximately $174,000. Shelter Island is Suffolk’s only other municipality with full assessed valuation.

 “There were at least 263 more property transfers over the last two years,” said Town Assessor Lisa Goree, whose office analyzed sales from July 1, 2014 through June 30, 2015 for the tentative assessments. “This gave us a larger data pool and a more accurate assessment roll for the coming tax year.” She added that town personnel take into account a number of factors when evaluating a property’s potential change in value. Most often, these are overall market conditions, as well as physical improvements initiated by an owner, such as renovations, additions, and demolitions. Changes are ascertained using a combination of site visits, statistical analysis, aerial imagery, and other tools. 

Of Southampton Town’s more than 52,000 parcels, Goree said approximately 21 percent of property owners will see a change in their individual assessment. Approximately 1,900 (4%) will receive a decreased assessment, and per New York State law, the owners of approximately 9,000 (17%) properties were notified this weekend of a pending increased assessment. Answers to common questions about the reassessment process were also included in the mailing, along with information on how to file a grievance in the event an owner believes his or her property was assessed inaccurately.  For questions regarding an assessment, the Assessor’s Office can be contacted at 283-6020. 

The 2016 Tentative Roll is available for public review, online at www.southamptontownny.gov , and in the Assessor’s Office at 116 Hampton Road, Southampton, between now and Grievance Day, May 17. Grievances may be filed online, by mail, and in-person during that time.

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For additional questions, please contact:
Assessor’s Office, (631) 283-6020
Supervisor’s Office, (631) 283-6055

 

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