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All depends on where you live. A lot of communter friendly towns in Nassau have really shot up in the last year in value and houses are selling very fast.
yes, it definitely depends on the neighborhood and you can gauge more or less where the trend is going in terms of property values.
Check out the following series "The Divided American Dream" from the Washington Post:
I just had my house appraised at $273,000 and I paid $249,900 in 2003. That isn't a huge increase.
Don't forget about the bubble burst in 2007ish. If your house were to have been appraised immediately following that, the figure would have been much lower.
1) What ovi8 said (which everyone would have to agree is correct since it is),
2) All things remaining the same, which they rarely don't go up, eventually your tax bill will increase; even if the tax rate doesn't (stating the obvious here),
3) Downstate NY has the lowest tax *rate* in the state (take comfort in knowing Upstate NYers pay a higher rate),
4) Upstate NYers tend to see their property market values (adjusted for inflation) stay the same or go down over time while LI property values are likely to continue to dramatically increase as they have for the past... (forever) so, when it's time to retire, you'll be able to move most anywhere you want and have leftover cash (Upstate NYers...not so fortunate since $150K homes don't grant such an option)
What does it mean "when they reassess everyone within a couple of years"? I thought the town access every year.
Not exactly. While the assessor keeps records of the assessments, they generally do not change every year because this would be a tremendous effort for them. They can change if the house is sold (sales price becomes new assessment), the assessment is grieved (you force them to reassess), or there is a town-wide reassessment (which does not occur very often because it's expensive and involves an outside firm).
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