Are you seeing one number on your tax bill and a very different number in recent sales reports? You are not alone. In Scarsdale, it is common for a home’s assessed value and its market value to diverge. Understanding the difference helps you plan taxes, price smartly, and avoid surprises. In this guide, you will learn what each value means, how Scarsdale sets assessments, why gaps happen, and what steps you can take next. Let’s dive in.
Assessed vs. market value, clearly defined
Market value is the most probable price a property would bring in a competitive, open market under typical conditions. It is what buyers and sellers negotiate and what appraisers estimate for lending.
Assessed value is assigned by the local assessor to apportion property taxes. It appears on the assessment roll and forms the basis for your share of municipal, county, school, and special district levies.
Taxable assessed value is your assessed value after exemptions, such as STAR or senior exemptions. Property taxes are calculated from this taxable number within each taxing jurisdiction.
What this means for you in Scarsdale:
- Market value guides listing prices, buyer offers, and mortgage appraisals.
- Assessed value determines your portion of the local tax levy.
- A high market value can mean stronger sale proceeds, while a high assessed value affects current taxes.
How Scarsdale assessments are set
Who sets assessments and when
In New York State, the local assessor is responsible for assessed values. For Scarsdale properties, the Village Assessor maintains the assessment roll. Municipalities update assessments on different schedules. If reassessments are not frequent, assessed values can lag behind a changing market.
Equalization and assessment level
Equalization rates from Westchester County and New York State help translate assessed values to approximate market levels across municipalities. This ratio expresses how the total assessed roll compares to total market value and is used for comparison and administrative purposes.
What data feeds the roll
Assessors use recent sales, property characteristics, building permits, on-site inspections, and mass appraisal models to set values. They also review sales ratios across neighborhoods to keep assessments consistent.
Where to find your numbers
The assessment roll and property records are public. You can request your entry, confirm exemptions, and check your property description through the Scarsdale Assessor’s Office. For broader context, you can review county property records and equalization materials and consult New York State guidance on assessments.
Why values do not match
Several factors create a gap between assessed and market values:
- Timing lag. Markets move quickly. Assessments are updated on schedules that may not reflect current prices.
- Assessment level. Some municipalities assess at a fraction of market. Equalization rates express this relationship.
- Property changes or data errors. Renovations, deferred maintenance, or incorrect records, such as square footage or bedroom count, can skew assessments until corrected.
- Mass appraisal smoothing. Models group similar properties, which can misprice unique homes.
- Exemptions. Exemptions reduce taxable assessed value, which can make tax comparisons across homes confusing.
A simple hypothetical example
If a home’s current market value is about 2,000,000 dollars and the municipality’s assessment level is 80 percent of market, the assessed value could be about 1,600,000 dollars. With a 100,000 dollar exemption, the taxable assessed value would be 1,500,000 dollars. This is a conceptual illustration. Always verify your actual assessment level and exemptions locally.
What it means for you
If you are buying
Lenders focus on market value through a mortgage appraisal, not the assessed value. Your future taxes, however, are based on taxable assessed value. A higher assessed value can indicate higher current taxes, but it does not make the purchase price higher by itself.
If you are selling
Price your home based on market comps and recent sales, not the assessed value. If your assessed value is lower than current market levels, be ready to explain that taxes are set from the assessed roll and exemptions, not directly from the sale price. Over time, higher sale prices can influence future reassessments.
If you already own
Remember that taxes are levied on taxable assessed value. When reassessments occur after rapid market changes, assessments can adjust, which may affect your bill unless offset by exemptions or levy changes. It pays to keep your property record accurate and to review assessments regularly.
How to check and appeal in Scarsdale
Follow these steps to stay proactive:
Confirm your record. Obtain your assessment roll entry from the Scarsdale Assessor’s Office. Check the assessed value, taxable assessed value, exemptions, square footage, beds, baths, and lot size.
Compare to recent sales. Gather comparable closed sales from the past 6 to 12 months in your neighborhood. A Comparative Market Analysis from a local agent or a licensed appraisal can help.
Request an informal review. If you see errors in the property description, contact the Assessor’s Office. Provide documents, photos, or permits to correct the record.
Prepare for grievance. In New York, you can file a formal grievance with the local Board of Assessment Review during the annual grievance period, commonly in May. Dates and procedures vary, so verify current deadlines with the municipality.
Submit evidence. Strong submissions include recent comparable sales, an independent appraisal or CMA, photos of condition issues, and proof of any errors in the assessor’s data.
Pursue further review if needed. If you disagree with the Board of Assessment Review decision, options such as Small Claims Assessment Review or court proceedings may be available. Procedures vary by county and case, so consult local guidance or counsel.
Appraisals, CMAs, and online estimates
- Licensed appraisals are the most authoritative market value opinions and are often used in appeals and lending.
- Comparative Market Analyses (CMAs) or Broker Price Opinions are practical and cost-effective for listing and for sanity checks on value.
- Automated Valuation Models (AVMs) can be a quick starting point, but they can be less precise for unique or higher-value Scarsdale properties. Use them as a guide, then verify with comps or an appraisal.
Exemptions and local tax components
- STAR program. New York’s STAR benefits owner-occupied primary residences, with Basic and Enhanced options that have different eligibility rules. The benefit reduces taxable assessed value or provides a credit, depending on program structure.
- Senior, veteran, and disability exemptions. These can lower taxable assessed value if you qualify. Application rules and deadlines vary by municipality.
- Multiple levies. A Scarsdale tax bill typically includes village, county, school, and special district components. Your share is based on taxable assessed value within each jurisdiction’s levy.
Practical tips to stay ahead
- Keep records current. Report permitted renovations and confirm that the roll reflects accurate details.
- Track sales. Watch comparable closings in your neighborhood to understand market value.
- Calendar the timeline. Note grievance filing dates and exemption application deadlines each year.
- Keep documents handy. Save closing statements, permits, surveys, and photos of condition items, since they may support an appeal.
Work with a trusted local advisor
You do not need to navigate value questions alone. A local, data-informed perspective can help you set the right list price, anticipate taxes, and decide whether to seek an assessment change. If you want a clear, custom read on your home’s value or recent sales near you, request a free valuation and CMA from a neighborhood expert. To start the conversation, reach out to Gino Bello Homes for a free home valuation and market consultation.
FAQs
What is the difference between assessed and market value in Scarsdale?
- Assessed value is set by the local assessor for tax purposes, while market value is what a buyer would likely pay in an open market and what appraisers estimate for lending.
Who sets my assessed value and how often is it updated?
- The Village of Scarsdale Assessor sets assessed values and maintains the roll, and updates occur on municipal schedules that may not align with rapid market changes.
How do equalization rates affect my understanding of value?
- Equalization rates translate the overall assessed roll to approximate market levels, helping compare assessments across municipalities and understand assessment level.
Will a higher sale price automatically raise my taxes right away?
- Not immediately; taxes are based on taxable assessed value and levies, and reassessments or roll updates are required before changes appear on your bill.
How can I challenge my assessed value if I think it is too high?
- Review your record, gather comps or an appraisal, request an informal review for errors, then file a grievance with the Board of Assessment Review during the annual period if needed.
