Tompkins County
New York

Report or Discussion Item
7251

2017 End of Year Report

Information

Department:AssessmentSponsors:
Category:Real Property

Attachments

  1. Printout
  2. 2017 EOY Report

Meeting History

Oct 4, 2017 3:30 PM  Government Operations Committee Regular Meeting

Mr. Franklin provided an overview of the Department’s year-end report and the results of the Assessment Roll. The document he reviewed was included in the agenda packet and is entitled 2017 Annual Equity Maintenance Key Points. 2017 was a clean-up year; there were not a lot of assessment changes. The assessment growth was 2.03% increase and the County tax-base growth was 3.06%. He believes the reason for the County tax-base growth was due to the review of Cornell-owned property, which is done every two years.

Mr. Burbank spoke about the concerns being raised by the Landlords Association that vacancy rates are much higher than what has been reported. Mr. Franklin said his Department is hearing more and more about issues with vacancies and said his staff is monitoring that situation. Many landlords are accustomed to having all their units full at all times and that is not happening now. He commented that there are at least 4,500 new beds coming online including Cornell, Emerson, East Hill Village, Green Street garage redevelopment. He said a meeting with the Ithaca Landlords Association has been scheduled to discuss this issue.

Ms. Chock asked if the tax code for vacancies is an option for landlords to count closer to the national rate of vacancy rate regardless of actual vacancy rate. She believes that rate is 5%. Mr. Franklin said he did not have that information and said his Department only requests income and expense statements.

In response to Ms. Chock, Mr. Franklin said the median value for a home is $178,000 for one- and two-family residential properties. He said this information is shared with the County Administrator for budget purposes.

Ms. Kiefer asked for the list of Cornell properties that Mr. Franklin referred to earlier that are reviewed every two years. Mr. Franklin agreed to provide the information as requested.

RESULT:COMPLETED