Wayne Commissioners plan to initiate countywide reassessment
HONESDALE – The Wayne County Commissioners announced plans to begin the process of a county-wide property reassessment.
Commissioner Chairman Brian Smith said the current spike in real estate transactions has uncovered some inequities in property valuations that would best be addressed by a county-wide process. He also said a reassessment, which takes several years to complete, will also help to capture the current building boom and ensure the county has the revenue it needs to fund constituent services moving forward.
There is a significant amount of building going on in Wayne County and property values and communities have and are changing, Smith said, noting this is a good time to start a process that will take two to three years to complete.
The last time Wayne County completed a reassessment was in 2005, and the property values were based on 2003-04 market conditions.
Property Reassessments are, by law, revenue neutral. Smith said the process is about fairness, and in the end about one third of the properties’ assessed values will go down, another third will see no change, and for the final third the assessed value will go up.
Commissioner Joseph Adams explained that the county will use funds from a bond issue from early last year that took advantage of historically low interest rates of less than one percent. The debt on that bond issue has already been absorbed into the budget, so the $1.5 to $2 million project cost will have no additional impact on taxpayers.
Property reassessments are typically conducted by a contracted third party. Neighboring Monroe County just completed a reassessment in July of 2019, which began in mid-2016.