City's top neighborhoods: South Wedge leads increase in property values with new assessments

Brian Sharp | Rochester Democrat and Chronicle

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Rochester’s overall tax base grew by $1 billion in the latest reassessment.

The South Wedge led all neighborhoods in property value growth.

Other areas seeing notable jumps in property value include Corn Hill, Culver-Winton and Upper Falls.

Those seeking an informal review must call (585) 428-6544 by Jan. 24 to schedule a hearing.

Rochester's South Wedge saw a nearly 37% increase in average residential values in the city's recent reassessment — continuing to lead the way among the city's top neighborhoods.

Others seeing a notable percentage jump include Corn Hill, Culver-Winton, Ellwanger-Barry, Upper Falls, Mayors Heights and South Marketview Heights.

The city's overall tax base grew 12.3%, or $1 billion with the reassessment, the first since 2016. Single-family homes and apartments fueled the increase.

But those numbers are preliminary, and certain to drop as some property owners challenge their new assessments in the weeks and months ahead. Informal reviews began this month and continue through February.

The final assessment roll won't be filed with the state until May 1.

What it means for homeowners depends on the tax rate, and that won't be set until next summer. Past reassessments have coincided with a lowering of the tax rate, but that doesn't necessarily correlate with lower tax bills.

The change in assessments would affect the July 2020 city and school tax statements, and January 2021 county tax bills. Those most likely to see their tax bill decrease, should the rate be reduced, are those whose assessment increase was below the citywide average. Some of the lowest average increases were posted by the Susan B. Anthony, Cobbs Hill and East Avenue neighborhoods.

Majority saw increase

"What these numbers speak to is we have a growing and vibrant city," said city spokesman Justin Roj. "Throughout every neighborhood of the city we are seeing growth and people building wealth in their homes."

Every city neighborhood saw a rise in assessed values for one-, two- and three-family residences, records show. The slowest-growing was the Susan B. Anthony neighborhood off West Main Street.

In all, 87% of residential or homestead property owners saw their assessment increase, 3.4% saw a decrease and 9.7% saw no change. By comparison, just 25.5% of non-homestead or commercial properties saw an increase.

"For a working family ... the city continues to be a good investment," Roj said.

With the reassessment the city now has four houses valued at $1 million or more, now led by a house at 91 Douglas Road off East Avenue. The $1,051,000 assessment reflects the purchase price Kenneth and Katherine Lindahl paid last October, when they moved from Webster to the 5,400-square-foot, two-story brick Georgian-style residence.

"We love the city and wanted to be close to the RPO, and the restaurants," Katherine Lindahl said. "It’s a great neighborhood ... and we wanted to be in an old historic home. That's always been my husband's dream, to be in one of those old homes."

Rochester's Highest Home Assessments (previous assessment in parenthesis) 91 Douglas Road ($950,000) $1,051,000

630 Mt. Hope Ave. (unchanged) $1,050,000

40 Hawthorn St. ($1,000,000) $1,050,000

730 Beach Ave. (unchanged) $1,000,000

234 East Ave. ($950,000) $975,000

Concerns over affordability

Combined with commercial properties, the city could see an overall $1.1 million increase (12%) in its tax base. While challenges will bring the number down, ongoing developments could push the number back up, as assessors will by Feb. 1, revisit any property nearing completion.

While the rising values are good news, those can compound the challenge for ensuring housing affordability across the city.

Reassessments shift how property taxes are apportioned. Neighborhood values increase at different rates, and it can become more expensive to own property in one area than another. Past reassessments have led to lower city tax rates in most instances, though not necessarily lower tax bills.

The city has made changes to require greater affordability levels in new construction when developers are seeking government assistance. And there are other measures, at the state and local level, aimed at providing rent protections.

Whom to call People can contest their assessments, and many do. Those seeking an informal review must call (585) 428-6544 by Jan. 24 to schedule a hearing. Those hearings will continue through February. To see comparable sales, go to cityofrochester.gov/recentsales.

BDSHARP@Gannett.com