3,800 prop­er­ties in town to be re­assessed

Daily Freeman (Kingston, NY) - - LOCAL NEWS - By Wil­liam J. Kem­ble news@free­manon­line.com

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.

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