WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. March 27, 2006: A reader writes regarding recent lowered assessments affecting the school district tax base.
Perhaps one of the unintended consequences of the boom in White Plains is that many investors are looking to purchase real estate here. Once the property is sold, there is a new basis (fair market value) that is very difficult to argue against, it is what the property is worth.
That being said, it is very difficult to understand how 1 North Broadway / 445 Hamilton Avenue had been assessed at $180 million, when it was recently purchased for $60 million. Keep in mind that real estate prices are at an all time high now, and that a large percentage of the White Plains downtown and offices were vacant prior to the boom. What would 1 North Broadway have sold for 10 years ago, $40 million?
The residents of White Plains need to understand this issue. The billions in new construction have nothing to do with the underlying problem, if anything it is helping to offset the assessment losses.
Sincerely,
WPcitizen
