WPCNR CITY HALL CIRCUIT. By John F. Bailey. March 1, 2010: The prediction by financial consultant Eileen Earl Bradley, former City Budget Director that the White Plains Assessment Roll would decline $3.7 Million which she put out in January of this year, has come true PLUS $200,000.
The Assessment Roll for 2010 published today at the Accessor's Office shows the City Assessed property values as $281,318,866 compared to $285,212,346 in 2009, a decline of $3,893,480.
It was the eighth year in the last nine that the assessment roll has declined in White Plains since 2002-2003. In 2002-2003, the roll was at $318.9 Million. In 2010 it has declined to $281.3 Million , a $37.6 Million decline representing roughly $15 Million in property tax revenue lost for the school district. In the last two years, the assessment roll has declined $9 Million costing the school district alone about $6 million in revenue the last two years.
The decline means that for the purposes of property tax, the city loses $612,300 and is out about $612,300 in property tax revenue at the current $157.06 per $1,000 assessment Rate, requiring an increase of $2/per thousand to make up the assessment difference, plus any other revenue shortfalls.
The School District loses in $2,892,110 in revenue based on the current $515.15 per $1,000 of assessed valuation, which would require a tax rate increase to $526 per $1,000 of assessed valuation to replace the revenue lost from lost assessments -- before addressing the loss of state aid projected for next year and before addressing the salary increases due the teachers in 2010-11, and the tentative 4 to 5% increase due teachers negotiated secretly in the last three months and approved by the teachers two weeks ago.
The school tax impact on making up the assessment revenue drop to the typical $650,000 median priced home in White Plains assessed at 15,100 with the present STAR Exemption ( scheduled to decline 18% in the governor's budget: $164 plus, before the district budgets for increased teacher wages in 2010-11.
Asked for a statement on the Tax Roll decline, the Mayor's Office has not yet responded to WPCNR.
