The redevelopment construction project at the former Utica Steam Cotton Factory, an anchor building in downtown Utica located at 600 State St. The city says it’s tax rolls are increasing as more properties are being sold to private developers and redeveloped. (Photo credit: zoeyadvertising.com)
UTICA, N.Y. — The City of Utica’s assessed tax base increased by $7 million over the past year, according to the recently completed final assessment roll.
The city says the increase resulted directly from its marketing of foreclosed properties to private developers, putting those properties back on the tax rolls. It also highlights the results of the city’s economic-development initiatives and the high volume of construction occurring throughout the city.
Since 2012, Utica has sold more than 800 properties, including a dozen major commercial properties to private developers. Many are located in the downtown/Bagg’s Square corridor.
“The expansion and increase of our tax base is a result of hard work and the public-private partnerships we’ve fostered as an administration,” Mayor Robert Palmieri contended in a news release.
The Oneida County Department of Finance provided the city technical assistance to ensure it met all state filing deadlines.
“While more work needs to be done to continue this progress, this is a strong validation of our efforts,” Palmieri said.
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