Though most locals appreciate the benefits of this situation, the price we pay for this vibrant small-town environment comes in the form of higher taxes for the residents. Q: Why is that? A: Usually, large national/multinational corporations make large contributions to the municipal coffers, first "buying their way in" to be allowed to develop and open their storefronts, then through relatively larger sums of taxes paid on their massive revenues. Our comparatively smaller, more local businesses, do not pay as much tax to the village/town, but in the end more of the money spent in New Paltz stays in New Paltz, getting spent again in New Paltz.
People who prioritize low taxes (and the massive parking lots and corporate sprawl that comes with it) over what many of us deem a higher quality of life generally make their homes nearby in Kingston, Newburgh, Poughkeepsie, or another small town that may not be quite as vibrant. Life is all about tradeoffs...
The best evidence of this would be the current appraisal from the bank you received when applying for the loan. If you paid cash then I suggest you get an appraisal. Bring that appraisal with you to the assessor's office and you should be able to convince her that together with the appraisal value and the actual purchase price you paid the fair market value and that is what you should be taxed on.
This is a very short explanation and full details can be explained by a person who does these types of grievances for a living. I can provide you with a contact if you decide to continue. Although I am a broker owner of a realty company I myself have done this successfully four times. You can contact me at 845-255-0019.
New Paltz is beautiful. Did you try to grieve your taxes? Have you tried looking in other areas in Ulster?
Associate Broker with Houlihan Lawrence Real Estate