REASSESSMENT FAQS

What is a reassessment? A reassessment is when a city revalues all the property within its boundaries to bring them in line with current market values.

Why did the city of Albany do a reassessment now?

The city last did a reassessment in 2016, meaning property owners were paying taxes based on 2016 property values. The state recommends local governments do a reassessment every five years.

What was the result of the reassessment?

The city’s overall residential market value went up from $2.9 billion in taxable property to $4.8 billion. According to the city assessor’s office, 51 percent of city properties will see a tax increase, while 49 percent will see a tax decrease.

I just paid my property taxes. Does this mean I have to pay another city tax bill?

No. You do not owe any additional city taxes this year. The reassessment will impact your 2025 city tax bill.

If my assessment went up, will my taxes go up?

If your assessment increased by more than 62.5 percent, then yes. But your assessment increase is not how much your taxes will increase. The city’s tax rate is based on its overall tax levy, or how much money it needs to fund city services, divided by the taxable assessed value of real property.

If my landlord’s assessment went up, will my rent go up?

The average assessment in the city went up 62.5 percent. If your landlord’s property went up that amount or less, their property taxes would not increase under the 2024 tax levy.

What does this mean for my school taxes?

The Albany City School District is still developing its 2024-2025 budget. If your assessment went up more than 62.5 percent, then your school tax bill will likely go up.

What does this mean for my business?

It depends. The overall taxable value of commercial property in the city went from $1.8 billion to $2.6 billion. But individual types of businesses were assessed differently.

Can I challenge my assessment?

Yes. The city website offers forms for property owners to file a grievance with the city’s assessment review board, as well as several in-person dates to file a grievance.

How do I challenge it?

You’ll need data on comparable homes as well as recent sales of comparable homes. There is a form on the city’s assessor’s website you can fill out. The office will have a computer program available starting April 15 to help property owners research data for their challenge. The city’s Board of Assessment Review will begin meeting on April 15 on nights and weekends for residents to challenge their assessment.