What is the required ratio of assessed value to fair market value?
A. The State Code mandates, “… annual assessments… shall be made at 100% of fair market value…” This state law was adopted in the City of Suffolk effective January 1, 1977. The State Department of Taxation conducts an audit of Suffolk’s assessments annually to monitor the City’s assessment to sales ratio.
Related Questions
- When I received my "Change of Assessment" notice, it had the Fair Market Value, the Taxable Value, and the Gross Assessed Value. What do these different values mean?
- What if the Fair Market Value (FMV) is less than the Assessed Market Value (AMV)?
- What is the required ratio of assessed value to fair market value?
