QUOTE(Livyjr @ May 23 2007, 04:58 PM)

"State to tackle 'brain drain' - Silda Wall Spitzer put at helm of initiative to keep young workers from leaving upstate New York"
By JAMES M. ODATO, Capitol bureau, Albany, New York Times union
First published: Wednesday, May 23, 2007
ALBANY -- The first-ever summit on the state's brain drain will convene this fall as part of Silda Wall Spitzer's new job of trying to keep young people from leaving upstate.
Gov. Eliot Spitzer's wife said Tuesday she will spearhead an initiative called "I Live New York" in a search for ways to end the "troubling trend" of talented young people leaving their hometowns or upstate college communities.
Spitzer asked her to take the lead as part of his priority to improve upstate's lagging economy.
She plans to collect data on what's driving out young people and to identify public and private programs to reverse the flow.
"Albany reassessment has many hitting roof - City defends process in face of a multitude of challenges by homeowners" By TIM O'BRIEN, Staff writer, Albany, New York Times Union
First published: Wednesday, May 23, 2007
ALBANY -- In four years, the value of homes in the city shot up dramatically in every neighborhood.
A Times Union analysis of the tentative reassessment numbers shows sharp increases in every corner of the city, from an average 65 percent rise in Arbor Hill to an average 92 percent leap in Center Square."We're valuing them based on sales, and that's what the sales are showing," said Keith McDonald, the city assessor.
"The sales increased in every neighborhood in the city."
During the last reassessment in 2003, some city neighborhoods saw values drop or increase only slightly.
In Arbor Hill, home values were down 8 percent.
Center Square properties were up 12 percent.
Just what the higher values will mean to taxpayers won't be clear until Mayor Jerry Jennings proposes his 2008 budget in October and the Albany school district revamps its defeated budget.
Four years ago, by keeping the tax rate the same, the mayor's budget reaped a 15 percent windfall because the property values were higher for two-thirds of the city's property owners.
Jennings has said he won't keep the tax rate the same this time around.
"That will substantially go down," he said.
"I won't know how much until I get into my budget."
The city also will need to wait until all the assessment challenges are finalized, he added.
Albany school officials expressed frustration at trying to explain the impact of the assessment during the lead-up to the failed budget vote.
The district lowered the property tax rate, but the reassessment still would have meant a tax hike for the average homeowner.
Under the reassessment, the average single-family home in the city would increase in value from $103,697 to $178,294, a 72 percent hike.
For such a home, the school tax bill would have risen 8.9 percent, from $2,537.46 to $2,765.34, before STAR tax exemptions were factored in.
Tuesday was the deadline for owners to appeal the assessed value of their property.
More than 1,500 of the 30,500 residential and commercial property owners had done so.
Reszin Adams is one of those appealing.
The longtime community activist saw the value of her Center Square home raised from $142,200 to $405,900."I know a lot of people around here are challenging," said Adams, a block captain with the Center Square Neighborhood Association.
"This is so clearly outrageous, it has to be reduced."
Sandra McDade is looking to appeal the assessment on her West Hill home, too.
She bought the Quail Street home in 2000 from the Community Land Trust, so she owns the three-bedroom house but not the land.
Still, the city raised her assessment from $34,000 to $123,200.
She said there has been some gentrification in her neighborhood.
"People are buying the properties and fixing them up," she said.
"They think because their property values go up, ours automatically do."
The value of an average two-family house rose from $74,811 to $132,047, up 77 percent, and three-family homes jumped 95 percent, from $72,454 to $141,610.
Commercial property saw a much smaller increase in assessed value. The value of an average office building in the city grew 26 percent from $2.66 million to $3.35 million.
McDonald said that commercial property is valued on sales and rental prices, and rents have not increased nearly as rapidly as sales prices.
"In order for the value to go up on a commercial property, so must the rent," he said.
"The rentals aren't going up as much as the sales prices on the homes."
Developer John Nigro said the demand for commercial space has slowed.
"For a long time, there has been more of a demand for commercial space than for residential," he said.
With growing interest from technology companies and added faculty at area colleges, he said, residential prices began to outpace the growth of commercial prices.
"The office market escalated for quite a few years and then three or four years ago it stayed pretty flat even at the high end," said Nigro, president of the Nigro Cos., a commercial real estate development and management company.
Still, he said there are several proposed new developments that would combine retail, office and residential space in downtown Albany.
"As those come aboard, that will be helpful to the tax base in the city," he said.
McDonald said the city tried to make it easy for people to appeal their assessments, with his office staying open until 8 p.m. on Wednesdays and 9 a.m. to noon on Saturdays.
The process also began a month earlier than usual.
"People actually can contest their assessments every year," he said.
"You're not really fighting City Hall."
"You're just looking to make sure your value is correct."
"We just want to get it right."
O'Brien can be reached at 454-5092 or by e-mail at tobrien@timesunion.com. Staff writer Brian Nearing contributed to this story.