Following the announcement of this year’s Residential Assessment Ratios, we have analyzed and determined the best strategies for what has been an interesting year, numbers‐wise.
2024 By the Numbers
In our main analysis region, more than 5,000 transactions that met our criteria were analyzed:
- 57.5% would be considered underassessed ‐ sale price is greater than 5% above assessed value.
- 20.5% would be considered as fairly assessed ‐ sale price within +⁄− 5% of assessed value.
- 22% were overassessed ‐ the assessed value exceeded sales price by more than 5%
Areas of Interest
This year, we are almost entirely focused on the “Five Towns” analysis region of Islip, Brookhaven, Huntington, Babylon, and Smithtown.
Riverhead, Shelter Island, and Southold lacked the data density for profitable marketing, and even the Hamptons region only had about 100 target properties in total.
Certain market trends which we have identified have continued, particularly in Three Village School District and the north shore in general.
Marketing Breakdown
Our primary strategy is based on recent historical geographical and School District real estate market trends, which we have been tracking for a few years now and continue unabated.
Using the roughly 1100 sales which were considered overassessed, combined with our models, our targeting software (Mr Bonds) analyzed the data for 6 different factors to determine the most efficient and profitable strategy.
Our primary mailing list, our number one strategy, consists of just 803 properties in the Five Towns region; 664 sales and 139 neighboring parcels.
Those 800 or so properties represent a projected $3 Million in potential first year tax savings.
Our secondary strategy is focused on a handful of School Districts, along the north shores of Brookhaven, Smithtown, and Huntington.
These areas have continued, persistent, and in some cases intensifying, sales market trends which are trailing annual Level of Assessment adjustments.
All told, less than 1% of Suffolk County properties met either of our strategic profiles for the 2024 filing year.