Southampton Property Values Soar, Tax Base Grows by $3 Billion: Supervisor

SOUTHAMPTON, NY - Property values in Southampton Town are on the rise: Releasing the 2016 tentative assessment roll, Southampton Town officials said Tuesday that the municipality’s total tax base appreciated $3.1 billion over the previous year, increasing five percent from $57.7 to $60.8 billion.

“The real estate market is the strongest it has been since 2009,” said Southampton Town Supervisor Jay Schneiderman. “Property values townwide are increasing. This is the first time since 2011 where no community has seen a decrease in property values."

The latest figures were revealed after a town 2016 update to a comprehensive reassessment effort carried out last year, Schneiderman explained.

Southampton is one of the only towns in Suffolk County where properties are appraised at their full market value with the goal of ensuring that no parcel owner pays a disproportionate share of a community’s tax levy, he said.

Under a contract with the New York State Office of Real Property Services, the Town conducts townwide reevaluations at least once every six years in exchange for state aid which helps offset the cost, he said.

This year, Southampton will receive approximately $174,000.

Shelter Island is Suffolk County's only other municipality with full assessed valuation.

“There were at least 263 more property transfers over the last two years,” said Town Assessor Lisa Goree, whose office analyzed sales from July 1, 2014 through June 30, 2015 for the tentative assessments.

“This gave us a larger data pool and a more accurate assessment roll for the coming tax year."

Town personnel consider a number of factors when evaluating a property’s potential change in value, she said, including overall market conditions, as well as physical improvements initiated by an owner, such as renovations, additions, and demolitions. Meanwhile, changes are determined using a combination of site visits, statistical analysis, aerial imagery, and other tools, she said.

Of the town’s more than 52,000 parcels, Goree said approximately 21 percent of property owners will see a change in their individual assessment. Approximately 1,900, or four percent, will receive a decreased assessment, and per New York State law, the owners of approximately 9,000, or 17 percent of the properties were notified this weekend of a pending increased assessment.

Questions about the reassessment process were addressed in a mailing, along with information on how to file a grievance in the event an owner believes his or her property was assessed inaccurately.

For questions regarding an assessment, the Southampton Town asessor’s office at 631-283-6020.

The 2016 tentative roll can be reviewed by clicking here, as well as in the assessor’s office, located at 116 Hampton Road, Southampton, through Grievance Day on May 17. Grievances may be filed online, by mail, and in-person during that time.