COVENTRY – Several Chenango County townships have not had a reassessment in more than a decade. Coventry isn’t one of them. The town had a revaluation just three years ago, but last summer the town board adopted a resolution to move to a tri-annual reassessment, which means residents are suffering through the process once again.
Some residents, namely a group calling themselves the Alliance of Coventry Taxpayers, have been asking why.
Jeff Bartholomew, regional director of the New York State Office of Real Property Services, attempted to answer that question in a public meeting recently at the Coventry Fire House. He also detailed what property owners could expect in the final stages of the process, which began in 2008.
The problem is, Bartholomew explained, that the assessed values of property within the township have not “kept pace with the marketplace.” The town’s level of assessment, often referred to as the equalization rate, has dropped from 93 to 77 percent since the last reassessment. That rate would have fallen still further, to 70 percent, this year.
“The real estate market itself is causing values to be out of whack,” Bartholomew said. According to the regional director, there are 1,062 parcels in the Town of Coventry, of which 684 are classified as residential, eight commercial and 370 as vacant land. Because residential, commercial and undeveloped parcels all change in value at different rates, “inequities creep into the roll.”
Property owners feel these inequities at tax time.
“If assessments are not kept in line with current market value, over time, some properties begin to shoulder the burden that belongs on other properties,” explained Bartholomew. “The only way to ensure that local tax levies are collected fairly among property owners, is to ensure that the assessments are current and accurate.”
With a level of assessment as low as 70 percent, it is no doubt that a majority of town residents will see their assessed values rise. “It’s just a question of whose are going to go up more than others,” Bartholomew said.
The goal of a reassessment is to have all property assessed at a uniform percentage of market value, he explained. “The town’s goal is to be at 100 percent.”
A major concern for property owners is that their taxes will go up along with their assessment, but according to Bartholomew, this is determined by county, town and school budgets rather than assessed value.
“The process you’re going through is to determine the market value of your property,” he said. “When property values go up, it’s natural that the tax rate goes down ... if the budget stays the same.”
The assessor has no control over the actual tax bills or levies, he stressed.
Assessment disclosure notices are expected to be mailed by the end of February, with the tentative roll being completed and filed by May 1. Through March and early April, Coventry residents will have the opportunity to meet informally with Town Assessor Jack Stafford to discuss their individual assessments.
According to Bartholomew, this will be their chance to raise any questions or concerns they have regarding the assessed value of their property. He recommends bringing documentation, such as photographs and independent appraisals, to back up those concerns.
“For [the assessor] to know what’s going on inside that affects value, you have to tell him,” Bartholomew said.
“You have to understand that he does not have as much information on your property as you do,” added Town Attorney Robert Larkin.
A decision is not typically made during these informal meetings, reported Bartholomew, but rather property owners are notified by mail when the tentative roll is filed. Residents who are still not satisfied with their assessment may address their concerns on Grievance Day, May 26, before the town’s board of assessment review.
Grievance forms are available under the “What To Do If You Disagree With Your Assessment” tab on the ORPS website, www.orps.state.ny.us.
While the public meeting was not well attended because of the inclement weather, several property owners had questions.
Greg Miller, a Coventry resident who relocated from New Jersey, inquired that given the state of the current economy, what would happen if market values dipped in the future.
“The assessments would have to be lowered,” Bartholomew explained, as it is illegal in New York State for properties to be assessed at more than market value.
“Is there a formula for this assessment?” asked Coventry resident George Broeg.
“Essentially, it’s like any appraiser looking at a property,” replied Bartholomew. A number of tools are used, including a field review and analysis of comparable sales. Assessors also use a cost approach, assigning values per acre for different land use and adjusting for improvements, condition and depreciation. His office has been testing different techniques on properties within the township, he added.
Broeg had additional questions, including whether assessors were licensed appraisers.
“Assessors aren’t required to be appraisers in this state,” reported Bartholomew, although they are required to complete training for the positions.
There was some concern that parcels within Coventry were being compared to those in surrounding municipalities, particularly Afton and Bainbridge where Stafford is also town assessor.
“All comparables are done within the township,” Stafford assured, which he explained provided a more accurate comparison.
ORPS encourages municipalities to do an annual maintenance program to keep a uniform level of assessment, and provides an incentive of $5 per parcel for those that comply.
One town resident asked if the Coventry would consider participating in the program, which would mean the town would reassess yearly rather than every three years.
“It’s certainly something we’d want to think about,” said Town Supervisor Janice O’Shea.