The city finance director says the increase reflects a cooling housing market.
Both residential and commercial property assessments rose by less than 2% on average. Residential property assessments saw an average rise of just about 1.66% overall and commercial assessments rose 1.24% compared to the year before. The value of vacant land rose by less than 1%.“Homes are staying on the market longer,” she said.
“Our assessor’s office is working to an end without full data. So, they use the data that they have and they use tools and processes in the trade, and they follow all of the standards. Certainly having full information would create better results,” she said. Though property assessment notices were recently shared with residents, property tax bills won’t be released until June.
Property taxes are calculated by multiplying a property’s assessed value by the city’s mill rate. The Assembly will decide on a mill rate this spring. The deadline to file a petition for an assessment to the city is April 1. More information can be found on the
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