City of Geneva, New York Assessment Revaluation Update
The City of Geneva is currently undergoing a complete assessment revaluation of all City properties. A revaluation of property values is typically done every three to five years.The purpose of an assessment revaluation is to make all of the parcels in the City fair and equitable in relation to each other, based on current market trends. The City Assessor is available and ready to assist property owners during this process. The Assessor’s Office can be contacted at 315-789-0091. In addition, the New York State Office of Taxation and Finance provides detailed information about reassessments at https://tax.ny.gov/pit/property/learn/reassess.htm.
What is an assessment?
An assessment is 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
What is a property’s market value?
The current market value is the price for property that would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances; it is the highest price a property would bring if it were exposed for sale on the open market for a reasonable period of time. A property’s value can change for many reasons. For example, if a physical change took place, like any improvements or major damage or there was a change in the market.
Local taxing jurisdiction (City, County, School, BID) will apply their tax rates to the assessment in determining your annual property tax bill. It is also important to keep in mind that the new property values go into effect for the 2020-21 school bill and 2021 City/County tax bill.
The updated preliminary assessments will be mailed out in February to property owners in the City. If your assessment did not change, you will not receive a letter.
What can you do if you disagree with your new assessment?
Anyone disagreeing or having questions about the new assessed value of their property can schedule an informal meeting with the City Assessor on Mondays and Tuesdays from 9am until 4pm through early April. Recent appraisal, neighborhood sales, photos of the property and any other information that helps prove a different value from the one that has been assessed would be beneficial to bring to the informal meeting. For commercial properties, income and expenses for the past three years is additional helpful information to share with the Assessor.
If an agreement is not reached between the property owner and Assessor during the informal meeting, the next option is to go to the Board of Assessment Review, which meets on the 3rd Tuesday in June. During this time, property owners will have another opportunity to present their information to the Board which will make a determination at the conclusion of the process.
Please contact the Assessor’s Office at (315) 789-0091 with any questions or concerns.