3,800 properties in town to be reassessed
The town expects to update property assessments next year to bring them in line with market values.
The assessments of about 3,800 Rhinebeck parcels will be updated. Town Board of Assessment Review Chairman Emery Ruger said the last townwide revaluation was 11 years ago.
“We have houses that are assessed for $700,000 and selling for over a million,” Ruger said.
He said a strong local real estate market is partly responsible for the current values.
“It’s a very desirable place,” Ruger said. “Even during the bad times, the market in Rhinebeck stayed very, very strong.”
Recent sales for way above assessed values have included a Montgomery Street property assessed at $185,300 that sold for $520,000; a Gardenia Drive parcel assessed at $77,700 that sold for $279,000; and a Mill Road property assessed at $391,600 that sold for $1.25 million.
But there also have been sales for way below assessed values.
In the past two years, a property assessed at $665,000 sold for $60,000, while two other properties, assessed at $292,300 and $226,000, sold for $45,000 each.
The Board of Assessment Review will issue a “request for proposals” from consulting firms interested in carrying out the revaluation. Ruger said the 2005 assessment update cost the town $225,000.