Finance committee update: Tompkins County assessment office proposes pausing market-based reappraisals until '02/1929'; board cautions possible large changes at

The Ithaca board’s finance committee updated the board on a presentation from Tompkins County assessment director Jay Franklin about planned changes to property-assessment practice.

Committee members said Franklin proposed not applying market-based revaluation overlays to individual neighborhoods for the next four years while the county transitions to new assessment software. Under the proposal described at the committee meeting, assessors would still update assessments for physical changes — demolitions, renovations, new construction and property merges — but would not adjust most properties for market-price changes until the new system is deployed in “02/1929,” as stated in the presentation.

Committee members and other board members said that change could add short-term predictability to taxpayers’ bills because assessed values would not be changed to reflect rapid market appreciation. But they warned that the pause merely delays the market effect and that when the new system is enacted in 02/1929 the county could impose a significant reset in assessed values. One board member urged taxpayers to note that if the policy holds for four years, a sizable reassessment could follow.

Finance committee members also said Franklin told them expected growth in the county tax base from newly completed projects could add roughly 1 to 1.5 percent to total assessed value without an overlay of market adjustments.

The board presented the finance-committee summary during the public meeting so the broader community could hear the likely change in assessment practice; no board vote was taken on assessment policy, which is a county function.