The city’s property revaluation project has begun.
A revaluation of property values is normally done every three to five years, and the goal is to create “fair and equitable values of all properties, based on current market trends.”
The city said assessments are an “estimate of the current market value of your property as determined by the city assessor following New York State Property Tax Law and using the Uniform Assessment Standards.”
The current market value is “the highest price a property would bring if it were exposed for sale on the open market for a reasonable period of time.” But that value is changeable, cautioned the city. It could go up if improvements were done or down if there was property damage or a change in the real estate market.
The new assessments will be used for local taxing jurisdictions — city, county, school and the Business Improvement District in the case of some downtown properties — to determine tax bills.
The new values will go into effect for the 2020-21 school tax bills and the 2021 budgets for the city and county.
The city said the preliminary assessments will be mailed this month to property owners.
“If your assessment did not change, you will not receive a letter,” said the city.
Published by Finger Lakes Times