Meanwhile, the federal government owns four properties in Worcester that have a total assessed valuation
of $36.8 million, while the state owns 123 properties that have a total assessed valuation
of nearly $1 billion.
It is important to be aware of the time line local assessors use in establishing the assessed valuation
of your real estate.
Many assessment jurisdictions use the same assessed valuations
they place on real estate year after year without revising them.
City officials had anticipated an influx of abatement applications from commercial and industrial property owners because of dramatic increases in their assessed valuations
. Of the city's 2,278 commercial parcels, the assessed valuations
for 317 went up 10 percent to 20 percent; 498 went up 20 percent to 40 percent; and 540 went up 40 percent to 100 percent.
In addition, the assessed valuations
of 60 industrial properties have more than doubled.
In fact, the Finance document that discloses the history of the assessed valuation
- known as an "AV HS" - already reflects the new reduced assessments, supporting Borin's claim that Finance already has the information it needs to generate new bills.
The deadline for property owners wishing to contest their new assessed valuations
from the city is rapidly approaching.
Gural explained there is going to be a continued "huge" budget deficit as a result of the decline in both assessed valuations
and revenue from Class IV.
The increase is fueled in large part by a 25 percent average increase in the assessed valuations
of commercial properties, and a nearly 28 percent average increase in industrial properties.
"New York City had a real opportunity to correct some of the unfairness in the historic treatment of Class III by using the 1991 SBEA assessed valuations
and reducing the property taxpayer in the city and state of New York.
All of those manual overrides have now been removed, and what has resulted is a dramatic increase in the assessed valuations
of many commercial and industrial properties.
The mayor has not done anything to reduce assessed valuations
. This year's tentative tax role reflected a .47 percent drop in assessed valuations
-- $83.61 billion to $83.22 billion.