Town of Newstead

Newstead 2010 Revaluation Project Postponed Until 2011

The Newstead Town Board, with the recommendation of the Assessment Advisory Committee, has decided to postpone the 2010 Revaluation Project. Since 1998, Newstead has participated in a tri-annual reassessment cycle, the last one being in 2007. At that time, as in most locations across the country, residents in both the Town of Newstead and the Village of Akron saw large increases in their property values.

It is the Town of Newstead's goal to maintain assessments at 100% of market value. Even though property values are not declining, the increases in values are beginning to slow down. The current economic conditions have resulted in less homes selling, providing the assessor with less data to analyze. Due to the fact that property values are not declining in this area, this allows the equalization rate to remain at 100%. The Town Assessor agrees with the recommendation and will continue to gather data for an additional year to better analyze the real estate market. The Town Board feels this is in the best interest for town and village residents.

Currently, the Newstead Town Board, the Assessment Advisory Committee and the Assessor agree that an update schedule will be maintained in the future.