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HomeMy WebLinkAboutAssessment ExplanationAs you may have heard by now, the Tompkins County Assessment Department has updated property assessments based on current market values. An increase or decrease in your assessment does not mean that your taxes will increase/decrease accordingly. Your actual 2025 tax bill will depend on the budgets adopted in each jurisdiction, other property assessment changes, exemptions, state aid changes, etc. For example, a typical property in the Town of Ithaca whose taxable assessment increased 10% in 2024 saw a Town property tax increase of $14.41 from 2023 to 2024. For further information about assessments and informal reviews please go to the Tompkins County Department of Assessment website: https://www.tompkinscountyny.gov/assessment. Important dates: April 12 is the last day to submit an informal assessment review; Tentative Assessment Roll Filed on May 1; Grievance Day is May 28. 2024 2023 Taxable Assessed Value 360,000.00 326,000.00 Town of Ithaca Tax Bill: General 748.02 677.08 Full Town Highway 121.12 202.60 Highway Outside 107.10 128.78 Ithaca Fire 825.42 788.27 Ithaca Sewer 98.56 89.05 Ithaca Water 189.56 189.59 Total 2,089.78 2,075.37 Assessment Increase 10.43% Property Tax Increase 0.69%