POUGHKEEPSIE – The share of city property taxes paid by homeowners and business owners will not change in the City of Poughkeepsie according to a resolution adopted this week by the Common Council.
Assessor John Taylor outlined options and speculated on what would happen of the proportions were changed, or if they stayed the same.
Taylor said they look at this each year, factoring in any significant changes in percentage of property that remains in each of the various categories.
Currently, just over 57 percent for residential and just under 43 percent for commercial. The current tax cap would allow up to about 64.5 percent for residential (homestead) and down to 36 percent for non-homestead.
Taylor said based on his assessment, manipulating the formula would not improve things.
“The decision is yours; however, I would recommend that we stay with the projected that came out after the worksheet which, again, is the 57.35139 for homestead.”
It made sense to Democrat Alderman Mike Young.
“We want to ensure that people can stay in their homes and keep their homes, so, choosing the lowest number for our homestead, homesteaders, is the best choice,” Young said.
The council voted 6-0 with two absent to stay with the current formula.
Taylor also presented a detailed breakdown on where the property values currently are on Poughkeepsie.
“$2.2 billion; that’s what I’m saying the city is worth. Out of that, your Roll Section One, which is considered your taxable number, is $1,523,228,019.”
About $670 million is tax exempt.
An encouraging sign, Taylor noted are home sales. Selling prices are up very slightly from a year ago, still averaging around $187,000 but days on the market is down significantly, from over 180 a year ago to 110 at present.
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