Joanne Majewski, Assessor for the City of Newburgh, delivered some good news to the city council last week: property values in the city are increasing. That means more taxable income for the city’s coffers and higher resale value for homeowners.
“In 2020, our taxable value went up 26 percent,” Majewski said.
The media sale price of a single-family home rose from $90,000 in 2016-17 to $167,750 in 2019-20. The media price of a multi-family home increased from $83,000 to $225,000 over that same time period.
“Last year we did a full city-wide reassessment and entered into a new 4-year plan with the department of taxation and finance,” Majewski, said.
That four-year agreement will bring properties at full assessment in years one and four (2020 and 2023). The 2021 assessments are based on market value as of July 1, 2020.
Councilwoman Ramona Monteverde, who owns what she terms a “historic money pit,” reported that her property increased in value by nearly $100,00.
“Its a positive thing because the value of my property has gone up,” Monteverde said
Councilwoman Patty Sofokles said the increase shows that there are hot properties in the city.
“Properties are selling,” she said. “We should all be happy.”
Mayor Torrance Harvey concurred, adding that many derelict properties are being restored and finding new life.
“We don’t want slum village,” Harvey said. “We want abandoned properties on the tax roles. That’s what we’ve been working on for years, get these zombie properties off the zombie list and back on the tax rolls.”
The mayor said an increase in property value also increases the homeowner’s equity in the property.
“You can borrow against that equity if you need to replace your furnace or gutters or make other improvements,” Harvey said.
Majewski said City of Newburgh properties are assessed at 100 percent of market value as of July 1, 2020. Notices of change in assessment were mailed to property owners in April.According to that notice, a change in assessment doesn’t necessarily mean that taxes will change. Tax liability is affected by several factors, including changes to the school, county and city budgets; changes in the assessments of other properties in the city; changes in the exemptions to which the homeowner may be entitled and the apportionments of school and county taxes among other municipalities.
Residents who receive the notice and disagree with their property’s tentative assessment may file a complaint with the City’s Board of Assessment review. Form RP-524 (Complaint on Real Property Assessment) is available at the City Assessor’s Office or at the city’s website: cityofnewburgh-ny.gov. The farm must be filed on or (perferably) before Grievance Day, the fourth Tuesday in May (May 25).