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Assessor warns falling equalization rate; revaluation would cost millions and take years
Summary
City staff told the finance committee that Schenectady’s equalization rate has dropped from 123% in the past to 60.39% today, a decline that can affect bond ratings and tax distribution. Staff estimated a revaluation could cost roughly $2 million and take two-to-four years; the committee discussed adding the project to future budget planning.
Schenectady — At the Aug. 18 finance committee meeting, city staff raised concerns about a sharp decline in the city’s equalization rate and urged the council to consider a revaluation to restore parity between assessed and market values.
"For the course of the time that I've been here at the city, we've gone from that equalization rate, at a high of a 123%, to 60.39% now," the staff member responsible for assessments told the committee. The presenter said that falling equalization can affect the city’s bond rating and how county property taxes are apportioned.
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