These are Residential Assessment Ratios, the percentage of market value that makes your assessed value. To determine an assessed value for a property, you multiply the market value by this percentage, that is your assessment.
You can also reverse the calculation – to determine the assessed market value, you would divide the assessed value by this percentage. This is the more common usage of this value, since most assessed values don’t change year to year.
it is this value which adjusts the assessed market value for most properties.
| Township | 2023 RAR | 2024 RAR | ASSESSED MARKET VALUE |
| Babylon | 0.66 | 0.67 | -1.5 % |
| Brookhaven | 0.62 | 0.53 | 14.5 % |
| East Hampton | 0.37 | 0.35 | 5.4 % |
| Huntington | 0.47 | 0.46 | 2.13 % |
| Islip | 7.28 | 7.1 | 2.47 % |
| Riverhead | 8.29 | 8.34 | -0.6 % |
| Smithtown | 0.87 | 0.86 | 1.15 % |
| Southampton | 69.5 | 63 | 9.35 % |
| Southold | 0.57 | 0.55 | 3.51 % |
| Shelter Island | 73 | 68 | 6.85 % |
In terms of sales analysis statistics, using a +/- 5% from RAR as defining “fairly assessed”, for our 5 Towns1 analysis region:
For the 5000 plus sales that conform to the PTA analysis profile, 20.5% of 2023 sales we tracked were fairly assessed, while about 22% would be considered overassessed.
That leaves 57.5% of sales as being deemed underassessed, or having a sale price more than 5% above their assessed market value.
- Islip, Huntington, Babylon, Brookhaven, Smithtown
The other analysis region for 2024 is called “The Hamptons,” you can probably guess where it covers. ↩︎