Ever wonder why a home’s assessed value in Eastchester rarely matches the listing price? You are not alone. Buyers and sellers across Westchester often compare the numbers on a tax bill to recent sale prices and feel confused. This guide clarifies the difference, shows how equalization works in New York, and gives you a simple framework to price, make offers, and budget with confidence. Let’s dive in.
Market value, in plain terms
Market value, sometimes called fair market value, is the price a willing buyer and a willing seller agree to in an arm’s‑length sale on a given date. It moves with real demand, recent comparable sales, condition, and location. In practice, you estimate it with a Comparative Market Analysis from a local agent or a formal appraisal.
When you sell, market value informs your list price. When you buy, it anchors your offer and your lender’s appraisal. It is fluid and reflects current market activity in your specific Eastchester neighborhood or village.
Assessed value and why it exists
Assessed value is set by the local assessor and is used to allocate property taxes. It appears on the assessment roll and on your tax bill. Some towns assess at or near full value. Others use a fraction of full value and then rely on a state‑published equalization rate to compare across municipalities.
Your tax bill is calculated on taxable assessed value, which is the assessed value minus any exemptions. Common exemptions include STAR, Enhanced STAR, and certain senior or veteran programs. Exemptions reduce the tax basis, not the property’s market price.
How equalization fits in
New York’s equalization rate is a conversion factor that helps compare assessment levels across towns and school districts. The State’s Office of Real Property Tax Services publishes these rates each year. If a town assesses at 50 percent of full value, the equalization rate helps translate assessed figures into an estimated full market baseline so tax burdens can be compared fairly.
Why assessed and market values rarely match in Eastchester
Assessments and the market serve different purposes, and they operate on different timelines. Here are the most common reasons the numbers diverge in Westchester:
- Assessment lag. Towns do not always revalue every year. If the last revaluation is older, assessed values may trail current sale prices, especially in fast‑moving segments.
- Assessment level differences. Some jurisdictions assess at a fraction of full value. Equalization reconciles these differences on paper, but your raw assessed number will still look low or high.
- Different objectives. Assessors distribute the tax levy fairly among properties. Appraisers and agents estimate today’s sale price. Methods and targets are not the same.
- Varied housing stock. Eastchester includes diverse areas, including the Village of Bronxville and Tuckahoe. Unique homes and small sample sizes make perfect alignment hard.
- Exemptions. STAR and other exemptions reduce taxable assessed value, so the figure on your bill can look far below a realistic sale price.
- Physical changes. Renovations or deferred maintenance may not be captured until inspection or a future revaluation.
- Smoothing practices. Some towns phase in large assessment changes, which can keep assessed values out of sync with current prices.
- Timing. Sales that close after the assessment valuation date will not show up until the next roll or equalization update.
How to use each number the right way
If you are selling
- Do not price your home off the assessed value. Use it as a data point, not a target.
- Order a local CMA and consider a pre‑listing appraisal if the property is unique or higher value, especially in Eastchester’s premium enclaves.
- Compare recent nearby sales to assessed and equalized figures. This shows whether assessments are generally running below or above market.
If you are buying
- Build your offer around market comps and your inspection. A low assessed value does not mean a bargain if the market supports higher pricing.
- Ask for current annual tax bills and note exemptions. Budget using an effective tax rate so your monthly cost is clear.
- Expect the lender to rely on an appraisal, not the assessed value, to set loan amounts.
A simple Eastchester valuation framework
Use this five‑step approach to estimate value and budget your taxes with confidence.
Step 1: Gather facts
- Pull 3 to 6 recent comparable sales in the same neighborhood and school district when possible. Aim for the past 3 to 9 months.
- Note property specifics: beds, baths, square footage, lot size, age, condition, and recent upgrades.
- Record the current assessed value, any exemptions, and the latest equalization rate for the relevant taxing jurisdiction.
Step 2: Convert assessed to equalized full value
If your jurisdiction does not assess at 100 percent, translate assessed value using the equalization rate.
- Equalized full value is approximately assessed value divided by the equalization rate.
- Equalization rates are updated annually. Always verify the current rate before you calculate.
Step 3: Compare to the market
- Adjust your comps for size, lot, condition, and location differences.
- Reconcile to a value range and, if you are selling, a suggested list price that matches current demand.
Step 4: Reconcile taxes into affordability
- Estimate effective tax rate as annual tax bill divided by your estimated market price.
- Convert this rate to a monthly figure so you understand total carrying cost alongside principal, interest, insurance, and utilities.
Step 5: Final checks
- Confirm exemptions that may carry forward or reset after a sale.
- Ask whether any reassessment is scheduled and review upcoming school or municipal budget votes that could change rates.
Illustrative example
- Assessed value on the roll: $200,000
- Equalization rate: 0.50
- Equalized full value estimate: $200,000 divided by 0.50 equals $400,000
- Recent comparable sales average: $540,000, suggesting current market value is closer to $540,000 than the equalized estimate
- Annual tax bill: $9,000, which implies an effective tax rate of about 1.67 percent relative to the estimated market price
These figures are purely illustrative. Always verify current equalization rates, assessment details, and tax bills for the specific property.
Property taxes and budgeting in Westchester
Your total property tax burden in Eastchester combines town, village, county, and school district levies. Two homes a few blocks apart can have different tax bills if they fall in different districts or villages. That is normal in Westchester and another reason to base decisions on current bills and not just assessed figures.
A simple rule of thumb is to treat taxes like a core part of affordability. If the effective tax rate is around 1.6 percent and you target a $900,000 purchase, you would budget roughly $14,400 per year for property taxes, then translate that into monthly cost for your lender worksheet.
Timing, reassessment, and appeals
Assessment calendars do not always align with your transaction. If a town‑wide revaluation is planned or underway, assessed values and tax liabilities can change. Sellers should disclose any known assessment events. Buyers should ask the assessor about upcoming revaluations when planning budgets.
Property owners who believe their assessment is out of line may file a grievance with the local Board of Assessment Review. Many New York towns hold hearings during a set window in May, but you should confirm dates with Eastchester’s clerk or assessor. Strong appeals rely on recent comparable sales and accurate property data.
Where to obtain the right records
Start with official sources so your pricing and budgeting are grounded in facts:
- Town of Eastchester Assessor’s Office for property record cards, assessment history, current assessed and taxable values, and exemption status.
- Westchester County Department of Assessment for county parcel data, maps, and general assessment guidance.
- New York State Department of Taxation and Finance, Office of Real Property Tax Services for annual equalization rates, STAR program rules, and assessment handbooks.
- Local Board of Assessment Review for grievance procedures and deadlines.
- Local MLS data, an experienced Westchester agent, and a licensed appraiser for CMAs and formal appraisals.
Common scenarios and how to handle them
- Assessed value is much lower than list price. Focus on comps and condition. The market may be ahead of the assessment cycle.
- Assessed value seems higher than neighbors’. Verify your property record card for errors, confirm exemptions, and consider a grievance with comparable sales data.
- You completed a major renovation. Expect changes during the next inspection or revaluation. Keep permits and documentation handy.
- Appraisal comes in below contract price. Buyer and seller may need to renegotiate terms or price since lenders use appraised value, not assessed value.
The bottom line for Eastchester buyers and sellers
Assessed value is a tax tool. Market value is a pricing tool. Equalization helps translate assessments across jurisdictions, but it does not predict today’s sale price. If you separate these concepts and anchor your decisions in verified records and fresh comps, you will price smarter, write stronger offers, and budget with clarity.
If you want a data‑driven read on your home’s value or a precise plan for buying in Eastchester, reach out for a local CMA and a clear tax review. For concierge‑level guidance and a market‑tested strategy, connect with Anthony Lando.
FAQs
What is the difference between assessed and market value in Eastchester?
- Assessed value is set by the assessor to allocate property taxes, while market value is the price a buyer and seller agree to based on current comps and demand.
How does New York’s equalization rate affect my Eastchester assessment?
- The equalization rate converts assessed values to an estimated full value so different towns can be compared consistently, especially when they assess at fractions of full value.
Do property tax exemptions like STAR change my home’s market value?
- No. Exemptions lower taxable assessed value and the tax bill. They do not change what your home would sell for on the open market.
Will the assessed value impact my mortgage approval?
- Lenders rely on a licensed appraisal to set loan‑to‑value and loan amounts. The assessed value is not used for underwriting.
What should sellers in Eastchester use to set the list price?
- Use a current CMA and, if needed, a pre‑listing appraisal. Treat the assessed value as a reference point only, not a pricing target.
How can buyers estimate carrying costs when shopping in Eastchester?
- Request the latest tax bill, note exemptions, estimate the effective tax rate as taxes divided by price, and include that monthly figure in your lender worksheet.
When can I appeal an assessment in Eastchester?
- Many New York towns hold grievance hearings during a set window in May. Check Eastchester’s exact schedule with the assessor or town clerk.
Why do two similar homes in Eastchester have different tax bills?
- Tax bills reflect a mix of town, village, county, and school levies. If properties fall in different taxing jurisdictions or have different exemptions, their bills will differ.
