Plattsbugh property prices have increased nearly 25% since 2018: City Surveyors

The COVID-19 pandemic has sparked a real estate boom across much of America. The Plattsburgh Common Council received some indications Thursday night that Lake City was also affected.

The city sent out its final property tax list for the year last week. Many homeowners’ property tax bills are up 15% or more year over year.

Councilor Tim Surpitski said most Plattsburgh homes that hit the market are now sold in less than ten days. He calls this processing time unprecedented for the community. Not only do they sell faster, they also make more money.

“When I ran through the average sales price in the city of Plattsburgh three years ago, it was $ 145,000,” said Surpitski. “It’s up to $ 180,000 this year.”

While it is encouraging that people are ready to invest in Plattsburgh, rising property prices are leading to rising property taxes. Surpitski said some people in the city of Plattsburgh were surprised by their bills this year, and Mayor Chris Rosenquest pointed out another nearby parish where the same happened recently.

“We saw that last year during the pandemic in – Peru, right? – So we saw the massive increase in property tax by 20 percent due to its compensation rate, ”said the mayor.

Whenever a Plattsburgh home is sold for more than 5% above or below what it is listed for on the city’s books, Surpitski’s office must re-evaluate that home. It then needs to reassign a * new value to ensure that all homeowners pay their share of the property tax.

However, the city can compensate for higher home values ​​- by lowering the tax rate that people pay.

“Every time your office plans an increase, we try to offset it with a tax cut, and that has worked out very well,” Councilor Mike Kelly told Surpitski. “And I think we’re seeing the effects of that. I think we are seeing our property values ​​- our cherished values ​​- increase. “

For any Lake City home that was not re-evaluated this year, it will likely happen next year. Surpitski counted on how quickly real estate prices will rise.

He also noted that it has been almost a decade since Plattsburgh’s commercial real estate was revalued.
Last year there were plans to do so, but then the pandemic struck. Surpitski now says he hopes to do it next year.

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