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7% White Plains Property Taxes Escalation Rate -- Can You Live With It? Posted on Saturday, April 05 @ 13:04:45 EDT by jfbailey

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WPCNR MR. & MRS. & MS. WHITE PLAINS POLL. April 5, 2008: As the County Tax Bill was sent to White Plains voters this week, and the School District after another week of hand-wringing cut $1 from the per $1,000 of assessment tax rate, which now sits at $506.61 per $1,000 of assessed value, and the city awaits with baited breath our last hope for tax stability: Mayor Joseph Delfino's tax rate  Monday evening, the future for the White Plains tax payer has become clear.

At the present rate of annual tax acceleration applied by the county government, city government and the gorilla in the vault, the city school district White Plains property owners face this prospect: A tax bill that will at the present rate of compounding go up 7% a year, will bring taxes owed the school district, county and city to the $20,000 and up level in seven years..

If you own a median-priced home in White Plains, ($700,000), you will pay $12,240 in property taxes this year (persons with homes priced to go at over $700,000 will pay considerably more ) to the County, City and State (provided the City Tax increase is 5 to 7%).  If the city increase is  less than 7% you will be in slightly better shape.

Nonetheless half of White Plains property owners will pay $1,000 more in taxes a year if the three tax authorities keep their present rate of spending the way it is.

This means if you're paying about $12,000 in property taxes now, you'll pay $13,000 in 2009-2010; $14,000 in 2010-11 and so on.

By 2015, your property tax,  if the present rate of annual tax increase remains at 7% -- your tax bill for that typical median home in White Plains will be $19,000 to the county, city and school district.

WPCNR would like Mr. and Mrs. and Ms. White Plains to tell us if they believe they can sustain the county, city and school district's "7% solution." Of course if tax increases are larger than that the escalation rate and taxes will be higher. Can White Plains homeowners accept a 7% tax increase rate annually? What do you think?

 


 
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