Syracuse homeowner challenges 41% property tax assessment increase citing purchase price

During the Board of Assessment Review meeting held on February 18, 2025, in Syracuse, NY, significant discussions centered around property assessments and the impact of rising home values on local residents. One petitioner raised concerns regarding a proposed increase in the assessed value of their home, arguing that the suggested hike of over 40% was excessive and not reflective of their purchase price from four years ago.

The petitioner, who purchased their home for $162,500, highlighted that the current assessed value was set to rise to $227,000, which they deemed a substantial increase. They pointed out that while home values in Syracuse have indeed risen, the proposed assessment did not align with the median increase of 15% observed citywide. Instead, their neighborhood experienced a more modest increase of around 19%. The petitioner requested a more tempered adjustment based on their original purchase price, rather than the inflated assessed value.

The discussion also touched on the city's equalization rate, which has decreased from 62.5% to 57.5%. This change has mathematically inflated the indicated value of properties, leading to higher assessments. The Board acknowledged that while property values have increased, the method of assessment must consider individual circumstances and the unique factors affecting each property.

Board members expressed concerns about setting a precedent if they allowed for staggered increases or special agreements for individual homeowners. They emphasized that any changes in assessment practices would need to be uniformly applied across all properties to maintain fairness.

As Syracuse prepares for a citywide reassessment in 2027 or 2028, residents are encouraged to stay informed about how these changes may affect their property taxes. The meeting underscored the ongoing challenges homeowners face as they navigate the complexities of property valuation in a changing market.