BOMBAY — The Town of Bombay will tackle property revaluation for the first time in its history, including parcels in the St. Regis Mohawk tribal land-claims area.
The impact when all 898 parcels are valued by Assessor David Rotman will show up on September 2014 school-tax bills and town-tax bills in January 2015.
A presentation on the process will be made to the Town Council by the assessor and a representative of the State Office of Real Property Services at its next meeting at 7 p.m. Tuesday, March 12.
Property tax is calculated using a town’s taxable assessed-property value set by the assessor and the town’s total market value, which is determined by the state, using a complicated formula.
If a town’s taxable assessed value is raised to 100 percent during a revaluation, the tax rate per $1,000 of assessed-property value will decrease as long as the town’s overall levy stays roughly the same.
In Franklin County, seven towns have 100 percent valuation, four are in the 90 percent range, six are in the 60, 70 and 80 percent range, and Constable is at 11.07 percent.
Bombay is at 3.12 percent.
In 2013, Bombay residents were assessed $132.28 per $1,000 in property tax compared to $37.27 per $1,000 in Constable and a range of $4.09 to $6.58 per $1,000 in the other towns.
“These numbers are in the 1950s and 1960s era, and that is causing inequity to the roll,” Rotman said.
Basic information about each parcel must be gathered and cataloged, giving him a place to start.
“It’s a big project, and it’s never been done,” he said. “They had never entered data in the computer.”
In the past two years, Rotman and data collectors have been gathering the needed information, which he said is about 85 percent complete.
The reval begins when he goes back to visit each property to verify the data and make revisions.