Property Reassessment

Property Reassessment

Why is the Town of Skaneateles doing a Town Wide Reassessment in 2025?

  Municipal-wide reassessment is the best way to ensure that assessments are fair and accurate.

Reassessments ensure that you pay only your fair share of taxes. After several years without a

reassessment, some properties will be over-assessed, and some will be under-assessed. The Town of Skaneateles has not done a town-wide reassessment since 2015. As you may know, property

values in our Town have increased substantially, many properties have increased at a significantly greater rate than others. The town-wide reassessment includes all properties in the Town which includes all properties in the Village.

The NYS Department of Taxation and Finance indicates that after a reassessment, generally one third of the property owners will see an increase in taxes, one third will see a decrease in taxes, and one third will remain the same. Below is an example to illustrate. For more information go to NYS reassessments.

 

 

Market Value/taxes
Property A
Property B
Property C
Total taxes collected by the Town
Market Value 10 years ago
$100,000
$100,000
$100,000
 
Taxes Paid 10 years ago
$2000
$2000
$2000
$6000
Current Market Value
$300,000
$200,000
$100,000
 
Current Taxes being paid before re-assessment
$2000
$2000
$2000
$6000
Taxes that should be paid with new reassessment using current market value
$3000
$2000
$1000
$6000

 

As you can see, a reassessment does not affect the amount of taxes collected. It simply

reapportions taxes fairly based on accurate property values. The Town’s budget will not be affected by the town-wide reassessment.

In each of the next three Town newsletters, we will fully explain how property taxes are calculated, and your rights are to secure a fair assessment of your property. Stay tuned here or go to our website at: townofskaneateles.com. Click on the link on the home page for FULL TOWN

REASSESSMENT INFORMATION.