By now, those property owners within the village, who will see a change in their assessed values, have received their 2015 assessment notification. In conjunction with the Town of Otsego, the village embarked on a full reassessment of all village properties, the first since 2007. (Our Village Assessor, Al Keck, reevaluated the Town of Middlefield properties within the village as well). Though it may seem as if the change in your property’s value was a one year move, in reality it is a result of market changes throughout the entire village over the last 8 years.
Reassessments are a way to rebalance all property values in order to make sure that present values reflect present market conditions. By doing this, property taxes are more fairly distributed based on current market realities. The 2007 reval was the first in 20 years; nearly all village property values were out of line compared to the then current market values.
Since 2007, market conditions have changed and a full reassessment is warranted and fair. How it affects your property taxes is a bit tricky. Because many values throughout the village will change, and because the 2015-16 budget won’t be finalized for a few more months, it is difficult to give an easy answer to “will my taxes go up or down?,” but here’s a rule of thumb – 1/3 of people’s property taxes will go up, 1/3 will stay the same and 1/3 will go down. Even in 2007, when overall assessed property values tripled, that rule of thumb held true.
Any questions you may have on the details of your own assessment can be handled by Al Keck at 547-6057. Al is in the office Monday-Friday, 8:30 AM – 2:30 PM and after hours by appointment. As always, I am available to answer any and all questions about this and any other village matter.
Jeff Katz, Mayor