| EQUALIZATION RATE - An equalization rate is the state's
measure of a municipality's level of assessment. This is the ratio of total
assessed value (AV) to the municipality's total market value (MV) or AV/MV.
The municipality determines the AV and the MV is estimated by NYS. An
equalization rate of 100 means that the municipality is assessing property
at 100 percent of market value. An equalization rate of less than 100 means
that the municipality's total market value is greater than it's assessed
value. An equalization rate of greater than 100 means that the total
assessed value for the municipality is greater than its total market value.
RESIDENTIAL ASSESSEMENT RATIO - The ration of
residential property assessed value (AV) and selling price (SP) at time of
sale or AV/SP. A ratio of 1.00 means that property is selling for the
assessed value. A ratio of less than 1.00 means property is selling for more
than it is assessed for. And a ratio of greater than 1.00 means that
property is selling for less than assessed value.
The City of Oneida's current Residential Assessment Ratio is 97%
LEVEL OF ASSESSMENT RATIO - The Level of Assessment
(LOA) is simply the percentage of market value at which properties are
assessed within a community. For instance, an LOA of 50% would indicate that
assessments are at half of the market value; an LOA of 100% represents a
community that is assessing at full value.
The City of Oneida's current Level of Assessment Ratio is 100% |