The city of Syracuse is on the verge of conducting a full citywide real property revaluation, a project that could impact tax rates and raise concerns among property owners.

The Common Council met Monday morning to discuss moving forward with the $2 million effort, which would involve hiring a company to take an inventory of city properties and using street level photos to do so.

When door knocking is required, council members said residents will be notified.

The city has 62 neighborhoods to process. They are drawn and divided based on property sale prices, as well as geographic markers and dividers like parks and major highways.

The last time there was a property assessment was between 1994 and 1996. New York state recommends assessing properties every four years. A lot has changed over the three decades, including the value of properties, leading some to say this reevalation is long overdue.

While some concerns have been flagged over a potential increase in taxes after the project is complete, city Commissioner of Assessment Matt Oja said there is likely a more favorable outcome.

“If we really are as underassessed as we think we are, almost necessarily, tax rates should go down citywide on the backend of this,” Oja said.

The council members say they have two companies in mind for the project and will discuss the options at upcoming budget meetings.

The reevaluation is expected to be completed by January 2028.