On Friday, July 25, 2008 a meeting of the Revaluation Ad Hoc Committee was held in the Olean Municipal Building to discuss the progress of the revaluation and to update members on the final phase of the project, valuation and field review. The meeting was attended by Henry Wojciechowski, Audra Stevens, Dennis Pezzimenti, Mayor Carucci, Assessor Nancy Champlin and the contractors, John Brearley and Joe Emminger.

The data collected has been entered on the file and verified by the return of Property Description Reports that were mailed out in April 2008. The next phase taking place over the next few months will be valuation and field review, which involves determining market value for all properties and viewing each property again from the public right of way to determine if that value is in line with the subject. In addition, there are approximately 400 properties that will be revisited in the next few months to remeasure or perform interior inspections that were requested or triggered by questions from the property owner. Photo retakes are also currently occurring to replace any pictures that were found unsatisfactory. The new values will be in place and disclosure notices sent out by March 1, 2009 or before. Following a period of informal hearings in April and formal grievance hearings in May, the final values will become effective with the July 1, 2009 assessment roll. These values will first be applied to the 2009 School tax, followed by the 2010 County tax and 2010 City Tax bills.