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As I am sure many of you are already aware, property values in Red Hook and much of the Hudson Valley have increased in the recent past. Assessors are required to maintain a full valuation (100% equalization) to insure those assessments track changes in the marketplace. with the assistance of the State and County, together we conducted an analysis of the trends in residential properties and like most communities, we experienced a double digit increase in sales prices. For the assessment year 2022, based upon date from July 2021, all residential assessments will all increase by 17% and commercial properties will increase by 14%. This notice reflects that change in your property's assessed value.
As a reminder, increasing assessments does not necessarily translate into increasing taxes. Taxes are a function of both the property value and the tax rate. For example, last year the residential property values had increased by 4%. During budget season, the Town Board adopted a reduction of approximately 4% in the rate to adjust for the increased tax roll.
If you have any questions, please feel free to contact be a the assessor's office at 845-758-4604 or by email at email@example.com
Town of Red Hook.