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May 10, 2014

Step Back in Time: May 10, 2014

50 years agoMay 10, 1989

ALBANY — More than half the value of real property in Oneonta, Delhi, and Worcester are exempt from taxation, according to 1987 figures released yesterday by the state Board of Equalization and Assessment.

Statewide, the property value of exemptions in New York increased $29.9 billion in 1987 to a new high of $188.8 billion, the report found. This is approximately 31 percent of the estimated property value in the state.

Oneonta ranked 8th among 62 cities in the state in terms of lost real estate revenues, granting 635 exemptions on property valued at $151 million. The city, which exempts 51.10 percent of its property value, is home to the State University College at Oneonta, Hartwick College, and various schools, churches, a hospital and municipal buildings.

The town of Delhi, which exempts 52.04 percent of its property value, granted 289 exemptions on property, valued at $96 million. The state Delhi College of Technology is located there.

The town of Worcester, with 51.15 percent of its property value exempt, granted 170 exemptions on property valued at $36 million.

State officials said the percentage of exempt property in all three municipalities dropped slightly from 1986 because the growth in the total value of property increased marginally faster than it did the value of exemptions.

Similarly, the statewide percentage of exempt property dropped about 0.5 percent to 31 percent.

Step Back in Time features news items from The Daily Star 25 and 50 years ago.

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