Last month town residents had an opportunity to meet with Dan Maxwell of Maxwell Appraisal Service, which is performing the revaluation during a public information meeting.

Town supervisor Tom Breiten said approximately 30 residents attended the meeting where they asked questions and expressed concerns.

Maxwell explained the revaluation process and schedule. Data collection, which began this week, will provide the most accurate and up-to-date measurements and information about the interior and exterior of each residence.

Maxwell said the accurate information is necessary to have a fair and equitable reassessment for all property.

Once the data collection is completed for each parcel, it will be sent to property owners for review so any errors may be corrected.

In March 2008, notices of the new assessment values will be mailed to property owners, who will have a chance to meet with Maxwell about changes in assessed value.

The last reval in the town of Otsego was in 1987 and current property assessments are only 38 percent of their market value. Maxwell said new assessments will rise to the current market value.

There is a rule of thumb, he told residents, which states that in most revals, one-third of the property assessments go up; one-third go down and one-third stay the same.

Maxwell is working with town assessor Ferd Thering and his assistant H. Marie Walters during the reval.