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Subway’s taxes in downtown Schenectady to drop sharply in reassessment

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Despite the bustling downtown, Subway is losing its property value, according to a settlement accepted by the City Council on Monday. The business’s yellow sign is 24-karat gold. The building’s facade is made of mahogany and has a stained glass window. In 2004, Draper Development spent more than $400,000 to buy, gut and renovate the building — but its 2009 assessment of $592,000 was too much, the owners said. They filed tax complaints for 2009 ...


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comments

v_riggi
July 15, 2014
5:49 a.m.

[ Flag Post ]

As chairman of the claims committee I publicly asked at the city council meeting of June 23 for the council to start discussions on a city wide assessment. Since it did not appear on the last committee agenda I again asked council president King at the end of our last claims committee meeting on July 7th to add the discussion of re-assessment to our next committee cycle on July 23rd, and I expect that to be the case.

safny
July 15, 2014
6:54 a.m.

[ Flag Post ]

Without a reassessment, there will just continue to be tons of empty property sitting with for sale signs, rotting away. Also - what happened with the grant to tear down some of these awful buildings?? Keep up the good work, Vince

birmy
July 15, 2014
7:42 a.m.

[ Flag Post ]

From my experience, with a re-assessment in the Capital Region, the newer construction homes which are assessed at around their new construction cost start getting some relief from their older neighbors who start paying more... But beware… The larger and older homes (which have not been reassessed in a decade plus) of 3,000 square feet and more pay around $100-$105 a square foot (after the reassessment) and the smaller homes jump to around $140-$145 a square foot. This was described to me by an associate of GAR (reassessment company) as follows. "Do you know when you go to COSTCO and you buy bigger boxes of items such as cereal or what have you - you get a discount. The same principle applies to homes." So keep in mind - the people who bought smaller sized homes will pay more per square foot than the people who could afford larger homes. So the "smaller home" people will subsidize the cost of the people living in larger homes once the reassessment is complete. Not sure how the business reassessment works other than they have a completely different price per square foot that they pay. As far as Subway goes - looks like that $5 sub is being paid for by Schenectady taxpayers. :) They got a good deal with an assessment lower than what it cost to build.

magical
July 15, 2014
2:23 p.m.

[ Flag Post ]

Reassessment does not work, just look or ask any Rotterdam resident. GAR did a reassessment in Rotterdam and at all the meetings in town hall we residents were told that our taxes would not go up, low and behold most all our taxes doubled , when I received my new tax bill it was double what I had paid the year before. Now Rotterdam is suing GAR . It is better that Schenectady does it on a one too one basis . GAR added close to a thousand feet of space in my home by only measuring the outside foundation and not coming into my home to see that my back door leads directly to my basement and is not a livable space and the only way they came back to my home was to have Greg Floyd come to my home and do a news piece on this , then and only then would GAR reduce my living space and lower my assessment. Magical

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