NYS homeowner, selling current home and moving to newly purchased home. The new home is a recent renovation and our purchase price/bank appraisal price is significantly higher than the town's current assessed value. I know bank appraisals do not correlate to town assessments, however I have a question about how/when the town will reassess (raising our taxes).
If I apply for a STAR exemption on the new home, will that trigger the local assessor to perform an ad hoc reassessment? Or, can this only be performed on the neighborhood reassessment schedule? Essentially, I'd hate to apply for a STAR exemption to save a few hundred bucks per year to then have the assessor raise our property taxes another 1500 bucks. I know the assessment hike and corresponding tax liability hike is inevitable, but if at all possible I'd like to delay that until the normal cycle deems it so.
Thanks gang.
