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Albany County Proposed Property Tax Increase

Albany County Executive Dan McCoy has proposed an 8.9% property tax increase for the 2013 proposed budget. The proposed increase would amount to a $60 increase for a home assessed at $200,000.  For every $50,000 in assessed home value, property taxes will rise $15 per year.

Unfortunately, there are not many municipalities in the Capital Region that may avoid a property tax inc

rease. The question is not whether property taxes will go up, but just how much taxes will rise. New York State implemented a 2% property tax cap last year to slow the growth of property tax increases. However, a municipality may exceed the 2% property tax cap if two-thirds of the governing body – the Albany County Legislature – or a super majority of the voters override the property tax cap.

Just a few weeks ago, the town of Bethlehem proposed an increase in town taxes. The town was looking to increase taxes $3.28 for every $1,000 in assessed value. For a $200,000 assessed home in the town of Bethlehem, including Delmar, property taxes would increase $52 per year.

The Albany County property tax increase is simply a budget proposal. Before it will be adopted it must be debated, reviewed, and approved by the Albany County legislature. The Albany County budget is expected to be adopted near the end of 2012.

For more information on the Albany real estate market and monthly Capital Region home data, check out the Monticello Metrics, including my recent analysis of the August 2012 regional home sales report.

If you are looking to buy a $200,000 home in Albany County, a $60 increase in your property tax bill likely won’t deter you. You can search for Albany homes for sale here, whether you’re looking in Delmar, Bethlehem, Albany, Colonie, Loudonville, Voorheesville, or beyond.

As always, if you have questions or comments about the Capital Region real estate marketdon’t hesitate to contact us directly.