WPCNR CITY HALL CIRCUIT. By John F. Bailey. March 2, 2009 UPDATED March 3, 2009 6 P.M. E.S.T.: The City Assessor presented the final 2009 Tax Assessment Roll Monday, and it reports city assessments declined $1.6 Million more than the $288.4 Million previously reported January 2 to $286.8 Million. It means an automatic 3% tax increase for the school district budget. If your home is worth $700,000, assessed value of $15,100, your School Tax goes to about $8,000.
If the city budget does not go up past this year’s budget of $161.7 Million, your City Tax hits $2,770, up $50 and your county tax hits $2,400. Total tax bill estimated, $13,370 and perhaps rising another $1,000 if — if the city raises its budget. As the school district and city continue to build their budgets with income projections softening, the taxpayer can well be apprehensive.

The City of White Plains 2009 Final Assessment Roll Reaches Out and Touches Your Wallet.
The total decline in assessments year to year was $291,802,226 to $286,811,998, $8,200 shy of a $5 Million decline, down 1.7%. The City Assessed Value is $285.2 Million.

CERTIORARI HEMORRHAGE CREATES TAX SQUEEZE TO COME? If the tax refund trends of the mid-90s return to White Plains in the next two years, the school district and the city could face a major cetiorari hemorrhage. Note how, even with “modest” school budget increases in ’92.,’93.’94,’95, ’98 and ’99, when a certiorari “drain” hits the tax increase almost doubles to make up for it. To fund the current Preliminary School Budget, the school district is committed to an automatic 3% tax increase, because the recent round of assessment grievances have further dropped the tax roll $1.6 Million, making it off $5 Million, not $3.3 Million as previously projected, meaning a 3% tax increase, not a 2% tax increase
The $1.6 Million decline since January 2, is directly the result of 251 successful assessment challenges at the Board of Assessment Review of 855 filed with the City Assessor in January. If other school district revenues decline significantly as expected, the school tax rate increase could move up to 5.3%
The decline means the

The Preliminary Budget could conceivably call for an additional 2.3% tax increase to 5.3%. This scenario might happen if the $2.5 Million in state school aid (currently at $15.3M ) is taken away as the school district anticipates, and if the MTA tax on school districts that would hit up the district for $325,000 is enacted. Of course if school district revenues of $38 Million (including Payments in Lieu of Taxes) decline, the tax rate will go up accordingly, possibly beyond 5.3%
Don’t Forget the STAR BANDITS “Take”
Mr. and Mrs. And Ms. White Plains might also be expected by Governor David Paterson and the State Legislature to kick back an additional 18% of the BASIC and ENCHANCED STAR that will add just a tad of a surcharge to your taxes. On the $700,000 home the BASIC STAR cut costs the under-65 taxpayer an additional $224 (using the $519/$1,000 tax rate we have calculated). The over-65 taxpayer enjoying ENHANCED STAR definitely will have his or her tax bill enhanced even more negatively, contributing an additional $507. The senior ENHANCED CUT is significantly more impacting than the BASIC Cut.
A Disturbing Trend Continues
This was the sixth decline in the City Assessed Value in the last seven years of the Delfino Administration, going back to 2003-2004, despite the city “Renaissance.” Prior to 03-04, the assessment roll had increased three out of five years, with the roll advancing in 2000-01, 2001-2002, and 2002-2003.
That has been the unfortunate history of equalization rate fallout. Two years after a drop, the certiorari filings mount creating havoc on the tax roll and pain in school tax payers’ budgets.
Previously when the Equalization Rate declined 25%, 60 point drop from 6.35% in 2001-02 to 4.71% in 2002-2003, this resulted in a $9 Million Dollar decline in Assessed Valuation for the School District in 2004-2005, the most devastating drop since 1999-2000.
