The property tax system in New York starts with an assessment of your property to determine the market value. That is done by a local official, your city or town assessor. Assessments should happen regularly, but many cities and towns have not made reassessments in many years.
Since many assessments are not current, each tax area is assigned a Residential Assessment Ratio (RAR) that represents the ratio between assessed values and current market values. So, for example, if the market value of your home is $100,000, and your city’s RAR is 54%, your assessed value should be $54,000.