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The city last re-evaluated its property in 1958 and properties are still being assessed at that 1958 value, which is what residents pay property taxes on.
This has led to several tax inequities, and like most municipalities throughout Westchester, the city has had to pay $3.4 million to settle tax certioraris.
"When there's been no reevaluation for a number of years, it gets complicated," Mayor Frank Catalina said. "A revaluation would get rid of these inequities."
Catalina is worried revaluation would hurt senior citizens and longtime home owners and given the cost is not sure this is something the city should do.
"It might hurt seniors who cannot afford these tax increases," Catalina said. 'I'm not against it, I'm just not convinced this is the right time. We should've had a city reevaluation more recently than 1958. I concede that point."
It would cost the city $947,000 to conduct a revaluation and Catalina said the Peekskill just doesn't have the money.
"It's like a parent hearing their 16-year-old say they want a car," Catalina said. "This is a big ticket item. Can we be afford to be the most modern updated town in the county? I'm not really sure. Even though we need it, I'm not sure we can afford it."
The city has considered joining up with a consortium of municipalities led by Greenburgh and Yonkers that have considered property reevaluation.
Catalina said the school district, which paid out nearly $7 million in tax certioraris, should chip in for the cost. He said he would not bond the cost.
"I ran on a pledge not to bond and I intend on keeping that pledge," Catalina said. "If we can't do it without bonding then we will not do it. It's that simple."
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