This page was created to assist you with researching information on properties located within the City of Lackawanna in an effort to maintain equitable assessments. The Assessor is responsible for creating fair and equitable assessments yearly. We administer real property tax exemptions as provided by the New York State Real Property Tax Law and locally adopted laws. We educate the general public about Real Property Assessment Administration.
Final Equalization Rate for 2016 79.31%
The City of Lackawanna implements an annual assessment program and currently assesses at 79.31% of full market value. If properties are fairly assessed, then taxes are fairly distributed.
Duties of The Assessor
The assessor is the official who estimates the value of real property within the City’s boundaries. This value is converted into an assessment, which is one component in the computation of real property tax bills.
The assessor maintains the assessment roll – the document that contains every property’s assessment. To do this, the physical description, or inventory, and value estimate of every parcel of real estate in the municipality is kept up-to-date. The property inventory is available for inspection by appointment,or on this site before the filing of the tentative assessment roll.
The assessment roll shows assessments and appropriate exemptions. Every year the roll, with preliminary, or tentative, assessments, is made available for public inspection and is also published on this site. After the Board of Assessment Review (BAR) has acted on assessment complaints and ordered any changes, the tentative roll is made final.
What Kind of Property is Assessed?
All real property, commonly known as real estate, is assessed. Real property is defined as land and any permanent structures attached to it. Some examples of real property are houses, gas stations, office buildings, vacant land, shopping centers, apartment buildings, and restaurants.
How is Real Property Assessed?
Before assessing any parcel of property, the assessor estimates its market value. Market value is how much a property would sell for, in an open market, under normal conditions. To estimate market values, the assessor must be familiar with all aspects of the local real estate market.
A property’s value can be estimated in three different ways:
The property is compared to others similar to it that have sold recently, using only sales where the buyer and seller both acted without undue pressure.
Calculate what the property would cost, using today’s labor and material prices, to replace the structure with a similar one. This method is used to value special purpose and utility properties.
Analyze how much income a property, like an apartment building, a store, or a factory, will produce if rented. Operating expenses, insurance, maintenance costs, financing terms, and how much money owners expect to make on this type of property are considered.
Once the assessor estimates the market value of a property, its assessment is calculated. New York State law provides that all property within a municipality be assessed at a uniform percentage of market value. Everyone pays his or her fair share of taxes as long as every property in a locality is assessed at the same percentage of value.