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.