Hyde Park Readies for Reappraisal

by Amy Kolb Noyes

Officials in Hyde Park are getting ready to undertake a town-wide
reappraisal. The town was last reappraised in 1995, with the figures
going into effect in 1996. Head Lister Jennifer Willingham said they
will start this year on the new reappraisal. It will be a two-year
process, going into effect April 1, 2006 - 10 years after the last
reappraisal took effect.
This week, Willingham sent out 473 change of appraisal notices due to
Act 68, the new school funding law. She said those notices, although not
connected with the townwide reappraisal, have raised many questions
among taxpayers. In an attempt to answer in advance queries regarding
the townwide reappraisal, Willingham is planning an open house at the
listers' office.
The open house has been scheduled for Tuesday evening, June 29, from 6
until 8 p.m. Willingham said the event will allow Hyde Park residents to
learn about the reappraisal process and how property values are calculated.
"I'll be able to answer questions about the reappraisal and the process
in general," Willingham explained.
She said, according to the state, Hyde Park is 23% undervalued. However,
Willingham noted, that is a town average. She said the reappraisal
process will begin with properties that are the farthest off the mark.
By the time the reappraisal goes into effect, Willingham said all
properties will be brought up to an even keel.
Willingham said Hyde Park will be using a new land schedule, new cost
table and new depreciation schedules. While the value of some properties
will go down, Willingham said most will rise in value. However, she
explained, due to the greater value of the new Grand List, tax rates
generally drop after reappraisal.
Although the state will not set the new school tax rates until June 30,
Willingham said the proposed combined tax rate for a homestead in Hyde
Park is currently $3.02.