SYRACUSE, N.Y. (WSYR-TV) — After coming up short $5.7 million, Mayor Walsh is looking to meet with the Syracuse Common Council to offset and correct an assessment software issue.
The problem was found during the review of an updated Assessor’s report, which “inaccurately increased the city’s $4.1 billion taxable proper base by about $200 million,” said the Mayor’s Office.
If approved, the Fiscal Year 2024 City of Syracuse budget will hold the property tax rate increase at 2 percent.
The Common Council meeting will be held on Friday, June 9, at 11:00 a.m.
“The proposed local law makes sure that property taxes are not impacted by this situation. It allows us to enact the City spending plan as authorized by the Council,” said Mayor Walsh. “The City’s fund balance is over $100 million and can accommodate this additional draw. Analysts have indicated the additional draw will not negatively impact our bond rating. I thank President Hudson and the Council for accepting my request to convene a special meeting to consider and act on this proposal.”
According to the Mayor’s Office, the proposal to make a larger draw on the fund balance provides the revenue anticipated in the 2024 budget without requiring an additional increase in the property tax rate.
Without the proposal, the Mayor’s Office adds that the tax rate could climb as high as 7.1 percent.
This error will not impact revenue to the Syracuse City School District.