Following the Town of Sweden’s 2024 re-assessment project, its equalization rate has been returned to 100%. The 2023 rate had dropped to 93%, which meant that the market value of houses was exceeding the assessed valuation. New York State requires towns to maintain assessed valuations at 100% of market value or be assigned a punitive equalization rate.
Equalization rates may limit municipalities access to some state aid, effect their share of sales tax, and put them at a disadvantage across shared taxing districts (schools, counties, fire districts, etc.). It also means that houses that are truly at 100% of market value as assessed end up paying more in taxes than they should when assigned an equalization rate that is across all properties in a given town.
Sweden’s return to 100 percent ensures equitable taxation across property owners beginning with the school tax bill in September 2024. The actual amount of school taxes paid depends on the budget adopted by the school board.
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