fbpx
  • Subscribe & Support
  • Print Edition
    • Get Home Delivery
    • Read ePaper Online
    • Newsstand Locations
  • HV1 Magazines
  • Contact
    • Advertise
    • Submit Your Event
    • Customer Support
    • Submit A News Tip
    • Send Letter to the Editor
    • Where’s My Paper?
  • Our Newsletters
  • Manage HV1 Account
  • Free HV1 Trial
Hudson Valley One
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s UP
    • Calendar Of Events
    • Subscribe to the What’s UP newsletter
  • Opinion
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Log Out
No Result
View All Result
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s UP
    • Calendar Of Events
    • Subscribe to the What’s UP newsletter
  • Opinion
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Log Out
No Result
View All Result
Hudson Valley One
No Result
View All Result

Thanks to humming real estate market, Kingston’s assessments up 10%

by Jesse J. Smith
May 17, 2019
in General News
6
Thanks to humming real estate market, Kingston’s assessments up 10%

Property owners in Kingston will see their assessment rise by about 10 percent this year as home values reach levels not seen since before the 2008 Great Recession.

In another sign of the strength of the city’s housing market, a recent surge in building permits shows increasing investment in both residential and commercial properties.

“Assessed value” is the city’s estimate of how much a property might fetch on the open market, based on the sale price of similar parcels in the same neighborhood, recent improvements and other factors. The figure is used to calculate tax bills. Tax rates for 2018 are $9.74 per $1,000 of assessed value for residential properties and $15.59 per $1,000 for commercial parcels. The tentative assessment roll released by the city last week shows assessments rising by about 10 percent in both categories. Mayor Steve Noble said the numbers showed that after years of incremental recovery from the disastrous 2008 meltdown of the housing market, property values in the city had fully rebounded.

“This is a good thing,” said Noble of the new assessment roll. “It’s a good thing when your house is no longer underwater, when your house is worth more than your mortgage.”

A press release issued by the city said that the new assessment roll reflected an ongoing trend of new buyers entering the local market and snapping up both commercial and residential properties. The surge of interest in local real estate has impacted every neighborhood in the city, the press release stated, and contributed to rising sale prices reflected in the new assessments. 

Along with rising property values, Noble pointed to an increase in building permit applications as evidence of the strength of the city’s real estate sector. Noble said that permits, which a few years ago averaged between 400 and 500 per year, were on track to exceed 700 in 2019. The majority, Noble said, were homeowners seeking permits to remodel kitchens and bathrooms, add decks or make other improvements.

“We’ve gained back 10 years of losses and now we’re starting to see more investment in our housing stock,” said Noble. “There’s more energy and vibrancy.”

Property owners whose assessments have changed will receive a letter informing them of the new figure. The tentative assessment roll is also available online at ulstercountyny.gov/real-property/assessment-rolls. Property owners who want to contest their new assessment informally can contact City Assessor Dan Baker for an appointment. Baker will be available for informal talks on May 23 from noon to 4 p.m. Formal grievances will be heard by the city’s Board of Assessment Review on May 28 from 3-5 p.m. and 7-9 p.m. at City Hall. Grievance forms and other information is available on the city’s website at https://kingston-ny.gov/news/.

Join the family! Grab a free month of HV1 from the folks who have brought you substantive local news since 1972. We made it 50 years thanks to support from readers like you. Help us keep real journalism alive.
- Geddy Sveikauskas, Publisher

Jesse J. Smith

Related Posts

Ulster County pool to reopen in June after major repairs and upgrades
General News

Napanoch woman dies after medical emergency at Ulster County Pool

June 26, 2025
Kingston Land Trust launches fundraising campaign for “teeny Yosemite”
General News

City folks learn kinda slow

April 22, 2025
Daytime raccoon sightings spark concern among Saugerties residents
General News

Daytime raccoon sightings spark concern among Saugerties residents

March 31, 2025
Proposed cannabis dispensary at Zero Place triggers traffic study
Community

Zero Place in New Paltz transformed into condominiums, sparking concerns for affordable housing board

April 17, 2025
Local LGBTQ+ advocates rally to oppose passport freeze
Community

Local LGBTQ+ advocates rally to oppose passport freeze

February 18, 2025
A cold Valentine’s Day message for bus passengers in New Paltz
Community

A cold Valentine’s Day message for bus passengers in New Paltz

February 15, 2025
Next Post
Teen arrested for threatening school shooting wanted to transfer to different school

Police arrest Hudson Valley man with 170 bags of heroin

Please login to join discussion

Weather

Kingston, NY
75°
Fair
5:23 am8:36 pm EDT
Feels like: 75°F
Wind: 3mph S
Humidity: 80%
Pressure: 29.87"Hg
UV index: 0
WedThuFri
88°F / 63°F
84°F / 59°F
82°F / 57°F
Kingston, NY weather forecast ▸

Subscribe

Independent. Local. Substantive. Subscribe now.

  • Subscribe & Support
  • Print Edition
  • HV1 Magazines
  • Contact
  • Our Newsletters
  • Manage HV1 Account
  • Free HV1 Trial

© 2022 Ulster Publishing

No Result
View All Result
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s Happening
    • Calendar Of Events
    • Art
    • Books
    • Kids
    • Lifestyle & Wellness
    • Food & Drink
    • Music
    • Nature
    • Stage & Screen
  • Opinions
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Subscribe & Support
  • Contact Us
    • Customer Support
    • Advertise
    • Submit A News Tip
  • Print Edition
    • Read ePaper Online
    • Newsstand Locations
    • Where’s My Paper
  • HV1 Magazines
  • Manage HV1 Account
  • Log In
  • Free HV1 Trial
  • Subscribe to Our Newsletters
    • Hey Kingston
    • New Paltz Times
    • Woodstock Times
    • Week in Review

© 2022 Ulster Publishing