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Schenectady leaders discuss property reassessments
SCHENECTADY -- City leaders are going back and forth on when to start the process of reassessing property values for homes and businesses.
Councilman Vince Riggi wants a new look at home values citywide to help the tax burden.
He's pushing for the reassessment because he believes the current calculations don't match up.
Riggi tells CBS 6 News the City has doled out nearly 200-thousand dollars in tax refunds so far this year.
"Right now, it's not fair, because every time we grant relief to someone, that means anybody else who hasn't been granted relief has to pick up that tab," he explained.
Mayor Gary McCarthy wants more time. He's hoping to use federal loans to clean up blighted buildings before reassessing any properties.
"When you get rid of the worst of the worst, it's going to have a positive impact on the remaining properties so that the values of the properties will rise," McCarthy said.
The mayor also brought up another point: changing the value on your home doesn't necessarily mean you'll pay fewer taxes.
Maccarthy says taxpayers have more than $30 million to pay, so tax rates could change as well.
"You're still paying your fair share of the property tax," he explained.
Scheduling reassessments is a function of the City Council, according to Mayor McCarthy. He proposed some funding for the process in next year's budget.