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NY STATE GIVES TOWN MORE BAD NEWS RE: budget
Release Date: April 07, 2003

We have just been informed by the State Board of Real Property Services in Albany that the special franchise assessments will drop form $l9,495,420 (last year) to $l6,563,892 (this year). This results in a net loss of $2,93l,528 of previously taxable real estate assessments for such companies as Con Ed, Verizon, United Water, Metromedia Fiber and other properties considered to be Special Franchise form NY. The impact: $2,000,000,000 loss in tax revenue which will have to be absorbed by all other property owners in the town. I have been in contact with Assemblyman Richard Brodsky and Senator Nick Spano--am requesting a meeting with the entire Westchester delegation to the NY State Legislature hoping to find an acceptable solution to this financial crisis. This is just one of many assessment decreases we anticipate. We're hoping the state will consider rolling back the equalization rate or at least phasing it in. WE NEED HELP FROM ALBANY.

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