How is new construction assessed?

Answer

New construction is assessed each year based on the percentage of completion as of June 30th. However, the preliminary bills are based on the previous years total tax, which in many cases is just for the land. The third and fourth quarter bills make up the difference once the assessment for the building is calculated. As well, certain new construction is subject to a supplemental tax bill from the certificate of occupancy date through the end of that fiscal year.