WPCNR QUILL & EYESHADE. By John F. Bailey. July 7, 2007 UPDATED July 9, 2007: The Common Council will approve certiorari settlements lowering the city tax roll $2.1 Million Monday, However, contrary to practiced in the past the $2.1 Million has already been removed from the present tax roll, according to Acting Assessor Lloyd Tasch, so as of this date the 2008-2009 roll is not affected he told WPCNR Monday afternoon.
The beginning of the certiorari parade for the new year is headlined by The Crowne Plaza Hotel – White Plains only in-city hotel in the heart of the city's most affluent shopping district. The Crowne is usually packed with guests. It has negotiated a certiorari settlement with the city lowering their assessment $1,000,000 – which will be agreed to by the Common Council at Monday evening’s Common Council meeting. The owners of 10 Bank Street, 1185 Bank Street LLC, have also won an assessment reduction of $550,000.
Domino Theory?
The two handsome properties though already a deduction off the present roll according to Tasch continue a disturbing trend: properties near buildings granted certiorari settlements are filing for certioraris when buildings change hands, reaping future tax windfalls for the new owners and disappearing tax revenues despite city redevelopment, which theoretically is supposed to increase assessment rolls not lower them.
City Tax Refunds to the owners of Crowne Plaza Hotel, the Town Park Hotel Corporation, total $430,443 beginning in the year 2002-2003, 03-04,04-05, 05-06 and 06-07. Crowne Plaza, assessed at $2,650,000 had had its 07-08 assessment lowered to $1,650,000. The School District will pay back an estimated refund of $1.8 Million as a result of this settlement. Previously, Bloomingdale's, the Fortunoff complex and Nordstrom’s in the Westchester Mall had certiorari suits settled for substantial assessment reductions.
The new owners of 10 Bank Street, 1185 Bank Street LLC will be refunded $263,740.50 by the city and an estimated $1 Million will be paid back by the School District. The Ten Bank Street office building is not to be confused with the apartments, Bank Street Commons, was assessed at $2.3 Million in the fiscal years 2002-03 through 2006-07. Their assessment was lowered $550,000 to $1,750,000. In the Bank Street Main Street area, assessment reductions had been agreed to on certirorari suits for Gateway One, one block away.
Other certiorari settlements requiring substantially less refunds evidence a trend that commercial real estate assessments are sinking in the downtown despite redevelopment. (This is blamed by the city to be a product of the State Equalization Rate.) The Sloan-Bar Associates, LLC on 202-228 East Post Road and 51 Mitchell Place in the downtown is being granted a $105,800 reduction assessment.
West Post Road Sinks in Assessment Valuation.
On Monday evening, the city is agreeing to certiorari assessment reductions on properties in the West Post Road area, eyed as the next area for revitalization. Lincoln-Mercury received assessment reductions of $135,000 on 1-27 West Post Road, 29-33 West Post Road, and 242-252 Maple Avenue. The property at 55 West Post Road is being granted a $40,600 reduction in assessment. The assessment lowering may make these properties easier to acquire.
Other certiorari agreements lower assessment $100,000 on the 33 Barker Avenue Apartments; $35,975 on 14 Stevens Street; $94,990 on Hampshire House Condominiums on 30 Greenridge Avenue.
$2.1 Million Drop.
Total reductions on what one might characterize as small properties add up: $538,510 lopped off the assessment roll for 2008-2009, and counting. Add that to the $1,000,000 lowering of the Crowne Plaza and the $550,000 reduction on the 10 Bank Street building, and the total assessment reductions to be approved Monday evening total $2.1 Million – already a third of the way towards last year’s $6 Million net assessment loss. However, as noted by Mr. Tasch this amount of deduction is presently reflected in the tax roll leaving assessments steady at the moment.
Note: Acting City Assessor Lloyd Tasch reported to WPCNR Monday that the assessment reductions appearing in the first edition of this article are already deducted from the present tax roll and will not be deducted in the 2008-2009 roll. Tasch said when the city knows about assessments in advance it is the practice to take them off the rolls as it happens.
