水果派AV

Standart Woods Apartments, which has 330 one-, two- and three-bedroom units in 26 buildings, filed a petition on June 12 in Cayuga County Court seeking to have its assessment lowered from $12,683,400 to $1,268,340, a 90% decrease.

In the court filing, the attorney for the apartment complex argues the city of Auburn overvalued the property by 90% 鈥� they say the full value assessment should be $1,691,120, not $16,911,200 鈥� and that the assessment is unequal compared to similar properties.

The petition also claims the assessment is illegal and erroneous because the property is "not assessed on one common nondiscriminatory general principle of valuation applied by the respondent assessor in assessing generally the other real property appearing on the same assessment rolls."

Auburn City Assessor Jeanne Hering told 水果派AV she believes the complex is "more than fairly assessed." She also noted the attorneys for Standart Woods used 10% of the assessment "as a point to start the negotiations, probably hoping to land somewhere in the middle."

According to a report provided by Hering, seven large apartment complexes with more than 200 units have sold for an average of $60,000 per unit since 2021. A 360-unit complex in the Rochester area sold for $29.5 million, while another 360-unit property in Buffalo sold for $21.8 million. A 310-unit complex near Syracuse sold for nearly $20 million.

The full market value of Standart Woods, with 330 units, is $16,911,200.

Standart Woods is among other large property owners in the city that are seeking lower assessments. Nucor filed a petition in 2023 aiming to reduce its assessment by $12.7 million. Walmart is also challenging its $13.5 million assessment.