GENEVA — 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.
Those who disagree with their preliminary assessments can schedule meetings with City Assessor Stephen Pigeon on Mondays and Tuesdays from 9 a.m. to 4 p.m. through early April.
The city said it would be helpful for residents to provide a recent appraisal, neighborhood sales, photos of the property and any other information that could help them argue their case that their assessment is too high. For commercial properties, income and expenses for the past three years is helpful information to provide in meetings with the assessor.
If property owners are unsatisfied with the assessor’s decision, they can schedule an appearance before the Board of Assessment Review, which meets on the third Tuesday in June, to make their case.
Those with questions can contact the Assessor’s Office at (315) 789-0091. Additionally, property owners can access the state Department of Taxation and Finance’s website, tax.ny.gov/pit/property/learn/reassess.htm, for additional information.