Blecher_onthe_Hudson t1_j9zwhue wrote
No, that's called a "spot reassessment", and not done here. But don't make the mistake of pre-reval purchasers of undertaxed Downtown properties and think that it's etched in stone. By the current ratio of sales to assessments we're already due for another reval, and your property would be reassessed base on sales comps.
G_Funk_Error t1_ja2wd8y wrote
Help me understand that more. What are all the things that trigger a reval?
nuncio_populi t1_ja2xonn wrote
They’re generally supposed to be done every five years in most municipalities to ensure the tax burden is shared equitably.
Our last one was about five years ago but, as you know, that particular reassessment was extremely overdue and Fulop tried to delay it further to protect Dixon Leasing.
Blecher_onthe_Hudson t1_ja3g7vj wrote
I believe it's actually every 10 years or when the ratio gets more than a certain percentage, I think it's like 15% and already past it.
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