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Enabling Property Reassessment Locals in the City of Newstate NY

Illustration by Mechanicville Mayor Dennis Baker (Getty, Facebook via Baker)

Illustration by Mechanicville Mayor Dennis Baker (Getty, Facebook via Baker)

New York’s smallest city real estate owners may soon have a headache.

Officials in Mechanicville are preparing to reassess all properties in the Saratoga County city for the first time since 2015, alarming homeowners who say the hot housing market has boosted property values. their property.

The city council voted 4-1 last week in favor of granting a $48,000 contract to appraisal firm GAR Associates for the gig, the Times Union reported.

Disappointed residents in the state’s smallest city by land area voiced their concerns at a City Council meeting last week, arguing that timing the reassessment would lead to tax hikes and disruptions. damage to the homeowner.

Council member Anthony Gotti said: “Sales, they are not very accurate. However, Gotti ultimately voted in favor of a reevaluation.

The equilibrium rate in the city is 93 percent, which means that on average homes are valued at 93 percent of their true value. GAR’s David Barnett, hardly a neutral observer in the debate, warned officials that the equalization rate could fall to 75% next year if a reassessment is not done.

He told the Times Union that there is often a three-way split in the revaluation process: a third of the value goes up, a third goes down and a third stays the same.

But Barbara McGuire, the only council member to have voted against the contract, said the lower actual rate could be a temporary issue and anticipates more discontent over the assessment when home prices return. normal.

“In the two years when things leveled off and the $400,000 house you bought was supposed to be $300,000, you had to go to City Hall and fight like hell to get it in its place, ” she said.

Barnett told the publication that there is a process to recalibrate assessments if the housing market proves to be inflated, though he did not disclose how much his firm would charge Mechanicville to do so. so.

People’s concerns about higher tax bills are not unfounded. Some owners of new homes or homes undergoing extensive renovations have seen their property tax bill nearly as twice as in Nassau County after a countywide reassessment last year, though in some cases the tax will increase in stages.

The revaluation spurred about 80,000 property owners challenge their tax bill, eight times the usual number.

[Times Union] – Holden Walter-Warner

https://therealdeal.com/2021/12/16/upstate-ny-city-to-reassess-all-properties-alarming-homeowners/ Enabling Property Reassessment Locals in the City of Newstate NY

Dais Johnston

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