Syracuse Hasn’t Reassessed Property in 30 Years. Poor Neighborhoods Have Been Subsidizing Rich Ones the Whole Time.

There’s a line item in Mayor Owens’ FY2027 budget that got almost no coverage: a city-wide property revaluation. It is quietly one of the most consequential policy decisions in the budget.

Syracuse has not conducted a comprehensive property revaluation since 1996 — thirty years ago. New York State recommends reassessment every 4 years. Only 5 states lack mandatory revaluation schedules. Syracuse has been operating on 1990s-era assessments while its neighborhoods have moved in wildly different directions.

One City, Two Tax Rates

A Governing.com investigation revealed the severity of the inequity:

Sedgwick: A home sold for $675,000 but is assessed at $378,205 — a $297,000 gap. The owner underpays by thousands annually.
University area (Euclid Ave): A 3-unit rental sold for $525,000, assessed at ~$262,500. Owner saves ~$8,000/year.
Croly Street: A home assessed at $67,000, but nearby comparables sell for $30,000. The owner overpays.

The pattern is systematic: 87% of homes selling above $140K sold above their assessment, with owners owing ~$1,300 more annually if corrected. 75% of homes selling under $70K sold below assessment, with owners overpaying ~$395/year.

The result: two effective tax rates in the same city. A resident near SU pays roughly $13 per $1,000 assessed. A Valley neighborhood resident pays roughly $30 per $1,000.

What Happens When You Reassess

Assessments are expected to rise 70%+ on average citywide. Commissioner of Assessment Matt Oja said that if Syracuse is as underassessed as they think, tax rates should go down on the backend — meaning the total pie stays roughly the same, but the slices get redistributed.

Roughly one-third of homeowners would see increases, one-third flat, one-third decreases. The lowest-income residents would likely see decreases.

Rochester’s 2024 revaluation offers a preview: 68.4% average residential increase, with the Beechwood neighborhood jumping 137%. Zero of 132 neighborhoods saw decreases. Over 3,000 appeals were expected.

The Political History

The Common Council killed a revaluation attempt in June 2025. Finance Committee Chair Corey Williams withdrew the item. Multiple councilors running for mayor in the 2025 Democratic primary made the vote toxic. Then-Deputy Mayor Sharon Owens supported it. Now, as mayor, she’s reviving it.

The project affects 41,000+ properties across 62 neighborhoods. Expected completion: January 2028. Cost: approximately $2 million.