Property assessments in the City of Schenectady are some of the most inflated — when compared to market values — of any city or town north of New York City, according to a review of data from the state Department of Taxation and Finance.
Quoted Text
Mayor Gary McCarthy said he does not want to do a reassessment until the Rivers Casino and Resort is added to the tax rolls in 2017. The casino, plus the proposed Mohawk Harbor development that will include apartments, townhomes and retail space, would add another $480 million in construction to the city's total assessed valuation and could affect other neighboring property values.
Keep the implosion going! This should surprise absolutely no one who owns City property. The confiscatory taxation chases buyers to Saratoga County where they don't have a nursing home/community college. Wait until we see the full extent of the corporate welfare before we talk a long overdue Citywide reassessment.
Schenectady's overassessments highest New York's upstate region Data shows 21 percent difference in assessed and market valuations By Lauren Stanforth Published 10:03 pm, Friday, July 10, 2015 1 of 3
Property assessments in the City of Schenectady are some of the most inflated — when compared to market values — of any city or town north of New York City, according to a review of data from the state Department of Taxation and Finance.
Schenectady properties are currently assessed 21 percent higher than they're actually worth — one of only a small group of other municipalities in upstate New York that have overassessed properties. The town of Plainfield, Otsego County, is the only other municipality with as high a disparity, at slightly more than 21 percent. Schenectady is the only city on the short list.
The Times Union did not include New York City or Nassau County in its analysis because they use different assessment systems.
Such a difference in assessment versus market value can be of little consequence if all property owners are assessed the same way. Assessments are what property tax bills are based on. But as more Schenectady homeowners and businesses are legally challenging the city and getting their assessments lowered, it could push the tax burden onto others whose assessments continue to remain at higher levels.
"If they haven't been granted relief, they're paying too much," said City Councilman Vincent Riggi, the lone non-Democrat on the council who said he has requested the city do a reassessment to adjust values.
The 21 percent for Schenectady is taken from the state's equalization rate system. Equalization rates are used to equitably bill school taxes in districts that include municipalities with different assessment systems. Many governments still have partial assessments, meaning they bill taxes based on only a portion of a property's value. But in rare cases, like in Schenectady, assessments are above 100 percent market value. So for 2015, the tentative equalization rate for Schenectady is 121 percent. The equalization rates will be finalized later this summer.
Mayor Gary McCarthy said he does not want to do a reassessment until the Rivers Casino and Resort is added to the tax rolls in 2017. The casino, plus the proposed Mohawk Harbor development that will include apartments, townhomes and retail space, would add another $480 million in construction to the city's total assessed valuation and could affect other neighboring property values.
He also said that assessment reductions happening as a result of legal challenges represent less than one percent of the roll, so taxes are still being evenly distributed among the city's estimated 20,500 properties. The city settled 89 assessment cases in 2014, not including property owners who get their assessments reduced at the regular grievance day each year.
Many of the municipalities statewide with bloated assessments have them because they did reassessments during the height of the real estate market. The City of Albany did its reassessment in 2008, and is looking to do another possibly next year to correct assessments that are 5 percent over market value.
Schenectady did its reassessment in 2009. But the state said the disparity didn't drastically widen until 2013, when the difference from market value went from 8 percent to 23 percent in 2014. The number has since improved by 2 percent this year.
McCarthy, a Democrat, said he believes his homeownership program, which involves selling city-owned distressed homes through the regular real estate market, dragged down home values between 2013 and 2014. The Greater Capital Association of Realtors said median home prices in Schenectady declined 9 percent from $99,105 to $90,050 in that year, compared with steady home prices in Albany and a slight increase in home values in Troy.
But a look back at a 2012 state Comptroller's audit of the City of Schenectady shows the city was increasing its property assessments seven years ago while other New York cities were decreasing their assessments. ...there's more here.....http://www.timesunion.com/tupl.....w-York-s-6378697.php
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Needing to wait for the casino to do a reassessment, demonstrates that all the projects and schemes McCheese had anything to do with haven't had any positive effect for property owners. The casino just fell on him out of the sky. What if there hadn't been a casino? Would we be seeing a reval never?
We're back Hubby surprised me with an anniversary trip to St Croix, then stayed for a week at Paradise Stream in the Poconos, the a couple days in NYC (yes, saw the fireworks), then back home. Once in a lifetime to do all that at in one trip.) Taking a while to catch up on everything.
But now to issues. Wow, now Schenectady is the highest. Last year it was the second highest.
Look at what the McThief said:
Quoted Text
He also said that assessment reductions happening as a result of legal challenges represent less than one percent of the roll, so taxes are still being evenly distributed among the city's estimated 20,500 properties. The city settled 89 assessment cases in 2014, not including property owners who get their assessments reduced at the regular grievance day each year.
He is totally clueless, and to make such a comment proves that his assessor is equally clueless and totally unqualified. And his cronies on the board of assessment are also making illegal decisions.
First, the legal challenges he referenced are ONLY the properties (mostly commercial) that grieved before the board of assessment, the politically appointed cronies of McThief and the party, who deny virtually everything. The 89 represent those who have the money to pay fancy lawyers to sue them and they win. But what about the homeowners who grieve to the board and then go to Small Claims? Oh, mayor won't divulge those, nor will he ever divulge what percent of a reduction homeowners win at the SCAR level.
Secondly, what an absolutely totally STUPID comment to say "so taxes are evenly distributed." ALL the evidence proves McCarthy WRONG, and I defy anyone to prove otherwise.
Here is evidence that taxes are NOT distributed evenly.
353 Gifford Rd sold on 8/7/14 The current Assessment Value is: $107,900 The city’s claim of “Full Market Value” (i.e., what the house would sell for) is: $89,174 The TRUE “Full Market Value” is (what it actually sold for) is $53,000 Assessment Value should be $64,130 (that is, True Full Market Value of 53,000 x Equalization Rate 1.21 = Assessment value should be 64,130) 353 Gifford Rd is currently assessed at 203.5% of value
453 Gifford Rd sold on 9/2/14 The current Assessment Value is: $84,600 The city’s claim of “Full Market Value” (i.e., what the house would sell for) is: $69,917 The TRUE “Full Market Value” is (what it actually sold for) is $82,000 Assessment Value should be $99,220 (that is, True Full Market Value of 82,000 x Equalization Rate 1.21 = Assessment value should be 99,220) 453 Gifford Rd is currently assessed at 103.5% of value
The mayor claims that the taxes are “distributed evenly.” Is the mayor competent?
The current total tax rate in the city is about $43.70 (city+county+school district).
Excluding the water tax, the sewer tax, and trash tax (not calculated based on assessment value), here are the taxes for these two properties applying the STAR Basic exemption.
353 Gifford actually pays: $4,067 353 Gifford should pay: $2,146 353 Gifford is overpaying by: $1,921
453 Gifford actually pays: $3,044 453 Gifford should pay: $3,686 453 Gifford is underpaying by: $ 644
One house pays $644 too little, and the other pays $1,921 too much and the mayor claims this means the taxes are “distributed evenly.”
This is repeated through most of the almost 20,000 properties in the city.
Some are overpaying by almost 100%, some overpaying by 10%, and others overpaying by all kinds of percentages in between. I wouldn’t be surprised if some are currently overpaying by more than 100%. Some are underpaying in varying percentages. But the mayor says the taxes are “evenly distributed.”
Too help improve the city, these truths must be told, please share these actual, true, real cases and tell anyone you know in the city that the mayor is full of lies, totally incompetent, and must NOT be re-elected. Nor should the current Dems on the council that are running.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Mayor Gary McCarthy said he does not want to do a reassessment until the Rivers Casino and Resort is added to the tax rolls in 2017.
According to the news:
Quoted Text
The earliest the state Gaming Commission can award casino licenses is Sept 30. Levin said Rush Street plans to start construction soon after receiving a license and wants to have the facility completed within 16 to 18 months.
“wants to”
The mayor is so clueless (as his is unqualified assessor) he does not even know that the casino will NOT be added to the “tax rolls” until 2018 or 2019!
Earliest to award license is Sept 30, 2015. Based on that and best case, the construction starts by October 30. 2015. That means 16 to 18 months is a completion date of somewhere between February and April 2017. The place would have to be completed on or before February 28, 2017 in order for it to be placed on the final assessment roll issued July 1, 2017. That would mean that the first tax installment they would make to the city would not happen until January 15, 2018.
The mayor could put it in the budget to commence a reassessment in 2018, the data collection (number of rooms, features, etc) could start probably when the weather gets nice for the door to door visits to check for number of rooms.
Oh, why should they do data collection? Because people have lied in the past. Remember King Phillip, I’d have to go back and look at what the issue was with his, I think the city had one kitchen listed but when he put it up for sale, the ad from McThief’s real estate agent showed photos of two kitchens. And if you look at some of the houses on the mayor’s gala tours, there indeed are houses that the city has maybe one bathroom on record, but the for sale ads clearly show 1.5 or 2 bathrooms.
A true picture of market values takes at least six months worth of sales, sales are often slow in winter, so determining the true market value would probably be at least September 2018.
If the company doing the assessment stuff can get the tentative assessments set by May 1, 2019, then the final roll would be issued July 1, 2019 and the people would see the tax bills impacted when they get it in the mail the end of December 2019, so taxes reflecting the true market value would not happen til calendar year 2020.
Two other points that are important in these dates:
1. I mentioned above that the earliest possible date the casino would impact taxes would be the 2018 tax bill. However, those tax bills would be based on the CURRENT and INCORRECT assessments. So the two houses on Gifford Rd would STILL be paying unequal share of taxes (assuming neither homeowner grieved their assessment). The tax RATE would have been changed but multiplying a different RATE by the same (current) assessment values STILL results in one owner underpaying and one overpaying (or the one that is currently overpaying might underpay but by a far less amount)
2. Note that if the casino is not completed by February 28, 2017, then all the dates above would be pushed back by one year.
To excerpt a quote a certain regular….
“My statements are FACTUAL --- it is a FACT that” the mayor’s failure to have commenced a citywide reassessment a couple years ago is a violation of state law! And the continual refusal by the mayor and his dems on the council to immediately commence one now is a continual violation of New York State law
“My statements are FACTUAL--- it is a FACT that” state law mandates ALL properties to be assessed at a Uniform Percentage of Value.
“My statements are FACTUAL--- it is a FACT that” the city is NOT assessed at a Uniform Percentage of Value. Just look at the two houses on Gifford Rd in the above. The definition of the word “uniform” means “identical.” But clearly these two houses alone are NOT assessed in accordance with state law. One is assessed at 203.5% of market value while the other is assessed at 103.5% of market value.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Needing to wait for the casino to do a reassessment, demonstrates that all the projects and schemes McCheese had anything to do with haven't had any positive effect for property owners. The casino just fell on him out of the sky. What if there hadn't been a casino? Would we be seeing a reval never?
Yeah, makes you wonder
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
We're back Hubby surprised me with an anniversary trip to St Croix, then stayed for a week at Paradise Stream in the Poconos, the a couple days in NYC (yes, saw the fireworks), then back home. Once in a lifetime to do all that at in one trip.)
GOOD FOR YOU BOTH!!!!! Happy anniversary!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Yes, happy anniversary, M/C. Good point about the earliest possible effects on the tax rolls from the proposed casino. I'd like to point out that we once had a proposed world trade center, we even demolished buildings at the proposed site to make way for it. You know what they say about the best laid plans. They also say don't count your chickens before they are hatched, which is exactly what McCheese is doing. Yes, the casino people fully intend to get a casino up and running at that site, they are invested in it, and it is in their best interest to do so as soon as possible. That does not make the casino a fait accompli for purposes of administrative decision-making. McCheese is planning around something that doesn't exist.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
McCarthy, a Democrat, said he believes his homeownership program, which involves selling city-owned distressed homes through the regular real estate market, dragged down home values between 2013 and 2014
Who sees the problem here?????
From the get go, McCarthy was saying his HOMES program (paid for with the taxpayers' money) was going to benefit the city, help home values. And what????? Values FELL.
And remember how McCarthy's tax deadbeat official city real estate agent and crony on the board of assessment was bragging endlessly at all the gala bus tours how houses were selling like hotcakes and they had oh so many offers.
The truth is coming out.
McCarthy keeps increasing the amount of taxpayers' money to put into his HOME selling program, the taxes in the city go up, the home values go down, and his taxpayer-funded HOMEs program is only dragging down home values.
Let's see who posts saying McCarthy needs to be re-elected
In order to improve the city, please pass these truths, these facts, around to everyone you know in the city, as what happens in the city ultimately spreads to the towns (been seeing it with crime lately on the eastern side of the town.)
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Dragged down? He really should just stop talking. A stupid program to con people into buying real estate cannot "drag down" values. His stubborn insistence on continuing to gouge homeowners is the major way he is stealing the value of property in Schenectady. Property that costs more to own than anyone is willing to pay has zero value. He is just hanging in there, by his fingernails, waiting for that casino to prove he was right, when we have all just seen him proved dead wrong.
Logged
Keep the implosion going! This should surprise absolutely no one who owns City property. The confiscatory taxation chases buyers to Saratoga County 
Hubby surprised me with an anniversary trip to St Croix, then stayed for a week at Paradise Stream in the Poconos, the a couple days in NYC (yes, saw the fireworks), then back home. Once in a lifetime to do all that at in one trip.) Taking a while to catch up on everything.
