GENEVA — The city will begin reassessing property values for 4,000 residential and commercial properties in September.
“This kind of reassessment is to ensure that property owners pay the accurate portion of property taxes in our city’s tax base and is being done all over the area in our region,” said Assistant City Manager/Comptroller Adam Blowers. “If your assessment does go up it, it doesn’t necessarily mean that your taxes will too. Taxes are based on city, school, and county budgets year to year.”
Blowers said the process begins with the mailing of property description reports, which should be filled out and returned to the City Assessor’s Office.
He said Assessor Stephen Pigeon will be conducting inspections and photographing nearly every house in the city. However, the assessor will not be going inside of homes and businesses. After the full inventory is taken, the information will be put into real property services software, and the software will determine values of all city properties.
Three approaches are used to assess a property:
• The sales comparison approach compares recently sold similar local properties to the subject property. Price adjustments are made for differences in the comparable and subject property.
• The income approach is a real estate appraisal method that allows investors to estimate the value of a property based on the income the property generates.
• The cost approach is a real estate valuation method that uses the assumption that the price a buyer should pay for a piece of property should equal the cost to build an equivalent building. It yields the most accurate market value when the property is new, said Blowers.
He said the new assessments will be mailed out in early March 2020. However, if your assessment didn’t change, you will not get anything in the mail.
The new assessments will be in effect for the 2021 tax bills.
Property owners who disagree with their assessments can speak to Pigeon on Mondays and Tuesdays between 9 a.m. and 4 p.m. for informal hearings. Things to bring for those hearings are a recent appraisal; sales in the neighborhood; photos of the house; and any additional materials that prove the value differs from the assessment
If both parties do not come to an agreement on an assessment, property owners can set up a time to meet with the city’s Board of Assessment Review, which meets on the third Tuesday in June.
For more information, contact Blowers at (315) 789-6104 or firstname.lastname@example.org.