The Town of Canandaigua is delaying revaluation for another year.
Property owners in Canandaigua won’t have their properties reassessed this year, according to officials.
The town board decided against revaluation for two reasons.
Supervisor Jared Simpson said Assessor Paul Arndt recently joined the Town team, so putting that responsibility on his office immediately would be a challenge.
In addition to the staff change, some residents voiced concerns about potential sticker shock. Valuation is based on a number of factors, but the real estate market is hot. That means valuations could see significant jumps in the next 2-3 years.
Where does the town of Canandaigua sit right now?
“This is the last thing I want to see happen. Recent news stories out of Rochester and surrounding areas highlight many homes whose values increased by more than 30% and some as high as 70%,” he said.
Right now the Town’s equalization rate is 86%. Once revaluation occurs, properties will be assessed at their full market value- or 100%.
In a real estate market as hot as the current one- that could mean a huge burden on taxpayers.
Either way, the Town’s properties will reach 100% equalization by 2023, so residents should begin preparing now.
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