02/07/2022 Assessment Community Weekly

2022 Tentative Oil and Gas Values

The 2022 tentative unit of production values are now available online. For details, see the 2022 Tentative Oil and Gas Unit of Production Values Letter. For general oil and gas information, see Valuation and Assessment of Oil and Gas Producing Property in New York State.

STAR question and answer

Q: Are STAR credit recipients required to report the STAR credit on their income taxes?

A: There’s a webpage for that! See How to report your property tax credit.

Most taxpayers take the standard deduction, and they aren’t required to report the STAR credit on their income taxes. Those who itemize their deductions should reduce their itemized deduction for real estate taxes paid by the amount of the STAR credit received during the tax year.

Reminder: Deadline approaching for most municipalities to submit their LOA for early determination

Do you think your level of assessment should be accepted as the 2022 equalization rate and residential assessment ratio for your municipality?

If your major type A (residential) ratio is within 5% of your overall ratio, you should consider submitting your LOA for an early determination.

If you believe you qualify and your tentative roll date is May 1, submit your 2022 LOA to your ORPTS Customer Service Liaison by Friday, February 18.