General News: Assessments Lowered in Village
December 28, 2009
The value of 24 pieces of property in Cornwall-on-Hudson were lowered by a total of $1.19 million following successful appeals to the board of assessment review last month. The board decided not to recommend a change in the value of four additional properties.
At its meeting on December 21st, the village board of trustees voted unanimously to accept the recommendations made by the assessment review board, which heard arguments about why property values should be lowered from the property owners last month.
Home values have fallen throughout Orange County in the past year and that change was reflected in the assessments, which were lowered from 33 to 2.5 percent by the board.
The lower values will impact the amount of village taxes paid by the property owners. It will not affect the taxes paid to the town of Cornwall.
The town of Cornwall assessor sets the value of the properties that are adopted by both the village and the town. However, property owners must appeal that assessment separately to each municipality.
In the largest reduction in assessed value, a property on Deer Hill Road was lowered from $143,760 to $96, 242. The smallest assessment reduction, from $187,250 to $182,495, was made to a property on Cherry Avenue. The average reduction in assessments for all 24 properties was 16.3 percent.
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