Property owners in Tompkins County are facing a notable surge in the assessed value of their properties, with an average increase of nearly 20% reported by the Tompkins County Assessment Department.
This significant rise reflects the booming real estate market within the county, with residential property sale prices jumping to an average of $366,535 in 2023, up from $342,374 in 2022.
The village of Cayuga Heights experienced the highest increase in property value, with an average rise of $113,300 or 25.6%. In contrast, the village of Groton saw the smallest increase in the county, with properties going up by 11.2% on average.
The assessment office will soon begin mailing out preliminary assessment notices, offering property owners a glimpse into their potential tax payments.
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