SCHENECTADY GE argues property assessment 10 times too high BY JUSTIN MASON Gazette Reporter
General Electric is contesting the assessment of its entire plant straddling the border of Schenectady and Rotterdam, according to paperwork filed with both municipalities. In Schenectady, delays in the state Environmental Quality Review process for the conversion of Building 66 into a $100 million sodium-storage battery plant prevented a 10-year payment in lieu of taxes agreement from coming to fruition this year. The agreement would have set the value of GE’s 316 acres at $65 million and was an important component of the $100 million construction project that is expected to bring 350 jobs to the plant by 2011. But without the SEQR study completed, the Metroplex Development Authority couldn’t legally enact the PILOT by March 1, which was the deadline for the city to fi le its assessment roll. As a result, the company is arguing its Schenectady holdings are worth only a tenth of the $100.1 million value set by city Assessor Patrick Mastro. GE Spokeswoman Chris Horne declined to go into detail about the company’s grievance with Schenectady. She said the company didn’t agree with its 2010 assessment and is seeking a reduction down to $10 million. “We hope to reach amicable solutions with both the city of Schenectady and the town of Rotterdam, and filing a grievance is a standard part of the legal process to do so,” she said in an e-mail. ....................>>>>...................>>>>......................http://www.dailygazette.net/De.....r01901&AppName=1
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The Source
June 18, 2010, 7:49am
Guest User
If they go lower, we get higher even here in Rotterdam!
When it comes to Generous Electric, no doubt heavily burdened Schenectady property taxpayers probably agree GE is living up to its current "Imagination at Work" global slogan when it comes to property value. The company filed a grievance seeking to reduce its assessment on the downtown portion of its Schenectady plant from $100 million to $10 million. A whopping 90 percent reduction. Now, that's really imagination at work. The latest assessment is up $23 million reflecting addition of GE's new $45 million global renewable energy facility. A reader learning of the attempted huge assessment roll back said he will file a grievance based on the GE's imagination.
Noting that his home is assessed at $100,000, he will seek to reduce the figure to $10,000. "If GE receives a 90 percent cut then homeowners should be afforded the same deal," he said.
That's pretty solid rationale, but I told the guy not to hold his breath waiting for implementation of his suggestion.
GE has also filed Rotterdam grievances shooting for 90 percent assessment reductions that would lower its town property values from $141.5 million to $14.8 million.
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