The Sweden Town Assessor has been notified by the New York State Office of Real Property Services (NYS ORPS) that a 2024 assessment update of residential, commercial and vacant properties is necessary in order to re-achieve an equalization rate of 100% and become eligible for assessment state aid.
The Town of Sweden last conducted a town-wide reassessment in 2022; previous town-wide reassessments were conducted in 2020 and 2018. Property values continue to rise sharply across the region. Last year, the Sweden Town Board decided against conducting a 2023 town-wide reassessment despite property value increases. Subsequently, Sweden was assigned an equalization rate of 93%. Without an update in 2024, the equalization rate will fall to the mid-80s.
Maintaining a 100% equalization rate is important both to the town and to taxpayers. Besides the NYS assessment aid to the town, the town’s share of sales tax and other aid is calculated in part upon assessed valuations. Some of that share of sales tax is applied as a credit against a property owner’s town tax bill.
Additionally, when a town is assigned a lower equalization rate, it creates inequities across multi-jurisdictional taxing authorities like the Brockport Central School District, the Brockport Fire District and Monroe County. Finally, equalization rates affect bond ratings and a municipality’s fiscal stress score.
In order to reach the values calculated by NYS ORPS, Assessor Tammy Baker will be increasing most residential property values by about 22%. All commercial and vacant land properties will also be reassessed. Baker will mail notices to all property owners in mid-March notifying them of their new assessment. Following the notification, informal reviews will be held by appointment. Assessment challenges that cannot be resolved informally will be heard by the Board of Assessment Review on Grievance Day, Tuesday, May 28.
An increase in assessed valuation does not mean an increase in property taxes. Increases in property taxes happen when a taxing authority increases the tax levy. The taxing authorities that use Sweden’s assessments are: the Town of Sweden, the Village of Brockport, Monroe County, the Brockport Central School District and the Brockport Fire District. Questions regarding assessments should always be directed to the Assessor; however questions regarding the actual taxes levied should always be directed to the appropriate taxing authority.
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