The Daily Gazette
The Locally Owned Voice Of The Capital Region

Schenectady to reduce property values

Assessments 4% above the market

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The city’s assessments are so out of whack that the city is reducing every property’s value in the tentative assessment roll. The new city assessor has reported to the state that Schenectady’s properties are assessed 4 percent higher than market value. The state has agreed to give the city a 104 percent equalization rate. That means, in essence, that every property is valued at 4 percent less than its current assessment. Under that calculation, a ...

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May 21, 2012
8:55 a.m.

[ Flag Post ]

So they're admitting that our houses aren't worth as much as they thought they were and are lowering their assessed value by 4%. Unless the city leaders decide to spend 4%, then our taxes will not go down!