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WPCNR QUILL & EYESHADE. By John F. Bailey. February 18, 2009: The City Assessor, Lloyd Tasch, reported progress in the Board of Assessment Review efforts to adjudicate the over 800 challenges to city assessments filed in January. Based on preliminary judgments, the Assessor told WPCNR there would be an “all-time record” in assessment adjustments based on preliminary evaluation of the challenges to the 2009 Assessment Roll, indicating a further costly erosion of the assessment roll.
Asked for the additional negative impact on the Roll, currently sitting on $288.4 Million, Tasch said “It’s too early to tally up. Call me on March 1.”
Tasch said the three person Board of Assessment Review has disposed of 75% of the challenges, and they have until February 27 to complete the process.
Lloyd Tasch, the City Assessor reported to WPCNR in January, that grievances filed with the Assessor’s Office over this year’s assessments totaled 858 properties. He said last year 500 grievances were filed, of which 179 were residential. This year, of the 858 grievances about 450 were residential homeowners, and the rest commercial.
The preliminary feeling the City Assessor confirms the softening of real estate prices in White Plains where the average median price of a home based on actual real estate sales has eroded to $680,000 as of the end of December, up from $650,000 at the close of November according to city-data.com. In
The prospect of further softening of the Assessment Roll compounds the conundrum the
Presently, just to set the stage for you the school district faces this problem:
Should the assessment figure remain at the $288.4 (rounded off here from $288,371,173) Million figure, the decline to $288.4 Million creates a current $1.7 Million revenue shortfall (projected) in district revenues which in and of itself increases the tax rate from $503 to $510 per $1,000 of assessed valuation just to pay the current budget level of $184.4 Million.
If property owner challenges lower assessments more as Mr. Tasch is indicating, the shortfall will necessitate further increases in the school tax rate — putting extreme pressure on their budget cutters. They better be crossing their fingers that a ton of ObamaBucks will be heading White Plains way.
Relation of Assessments to Tax Rate.
For those unfamiliar with the formula of how Assessments drive the tax rate: Here is a simple explanation:
This budget year 2008-2009 assessments were at $291.8 Million for the
How was it figured? Here’s how:
One thousand dollars divides into $291.8 Million, 291,800 times. 291.8 times the present school tax rate $503.01 equals $146.8 Million – this year’s 2008-2009 tax levy.
Since preliminary assessments are down 3.4 Million (from $291.8) this means that at this year’s tax rate you only generate $145.1 Million in levy, leaving a shortfall of $1.7 Million in revenue. By adding $7 to the tax rate the district makes up that shortfall. ($510 x 288.4 produces $147 Million dollars. ) Sooooooooo, the school district needs to cut the budget BELOW $184.4 Million to $182.7 Million to generate a zero tax increase this year.









