Home Sales, Featured Listings and a Tax Conundrum
- Real Estate
- Published on Wednesday, 14 October 2015 13:37
- Lori Gertzog
We've often been asked by readers how all the new construction in the Village is impacting taxes. If taxes on the new homes are far greater than the ones they replaced, shouldn't that ease the burden on existing homeowners?
We asked Village Assessor Nanette Albanese for her opinion and here is what she explained:
How has the amount of new construction in the Village impacted taxes for current homeowners? New construction always has the effect of offsetting increases in the subsequent year's combined tax rate, but by how much requires a special study that has not been undertaken;
Has the total assessed value of Village real estate for 2015 increased more than the tax rate increase? Since the 2015 assessment roll is still in the protest period, although final as of September 15, 2015, the final outcome can never be determined, or estimated until after the subsequent year's tax rates are issued and then some (some protests go on for years) ..... moreover, an assessment roll is set in advance of a tax roll, so the relationship between the two rolls, if studied, cannot be known, or estimated until after the school tax rate is finalized just before the bills go out in September 2016; at that time, I think most people will be more interested in what is, or has taken place with the 2016 reassessment .... Maybe not!
Without exception, the value of and, therefore, the taxes generated on all new homes constructed are ALWAYS much higher than the homes that they replace; however, I can't tell you if the percent increase in the tax rate overall is less than, greater than, or equal to the percent increase in assessed value as a result of that new construction. Again, that would require a special study, which quite frankly would not be easy, would not be quick and would serve only an anecdotal purpose.
We also asked the same question to Robert Berg, who served on the Board of Assessment Review following the tax revaluation and here is what he said:
"Remember the tax levy is increasing yearly so the increase in assessed values by the new construction (and the concomitant rise in taxes on those properties) may only partially offset the increase in the tax levy or even if it more than fully offsets it, the decrease in an older homeowner's property tax may be slight. Regardless, the reval has much more equitably distributed the tax burden"
Sales: Sales continued to be strong for homes priced at less that $1.5mm. Here's what sold this week:
25 Salem Drive
This four bedroom, four bath home is on .54 acre in Murdock Woods. Special features include gourmet eat-in kitchen with granite counter tops and commercial grade Wolf and Viking stainless steel appliances, custom millwork throughout, hardwood floors, marble baths, central air, sunken living room, cedar closet , architectural roof and a two-car garage.
Sale Price: $1,395,000
4 Meadow Road
This center hall colonial is on level .43 acre with hardwood floors and picture frame molding.
Sale Price: $869,000
2 Doris Drive
This three bedroom, two bath split level offers hardwood floors, updated bathrooms, a gas fireplace, large picture windows, new furnace, new ducting for central air with controllers, and an attached two-car garage. There is a lower level family room with access to the outdoors, and a sub basement offering plenty of storage and potential. In back, there is a patio and a flat yard surrounded by mature trees.
Sale Price: $902,000
1 Barclay Road
This three bedroom, three bath split level home is located in the Edgemont school district. It has a finished top floor, open living room with formal dining room, and an eat-in kitchen. The lower level boasts a family room with a bathroom in addition to a home office/den. This home is on a corner property with a fenced back yard.
Sale Price: $806,000
15 Brookby Road, Scarsdale
Chic meets complete comfort in this six-bedroom, six-and-a-half bath Colonial featuring high ceilings, walls-of-windows, open layout and spectacular property. The flowing first floor impresses from the moment you step inside and see the majestic staircase spiraling upwards, the two-story family room beyond and views of the incredible property and pool. Stately in its curb appeal with a long tree-lined drive, the grounds transition to a private oasis in back with fabulous plantings, extensive masonry work and two oversized flagstone patios creating a stunning backdrop for the dazzling pool and spa. The built-in BBQ, pizza oven and refrigerator ensure easy outdoor entertaining. The cavernous lower level offers space for everyone including a giant recreation room with kitchenette, art room, exercise/gym area, wine cellar and more. Upstairs boasts a tranquil master suite with balcony, bath and office, four additional bedrooms and three more baths. Close to school, bus, shops and houses of worship. For more information, click here.
List Price: $4,750,000
2 Reimer Road, Scarsdale
This impressive Tudor revival in the estate section of Murray Hill accommodates today's active lifestyle. On over an acre of gorgeous flat property, your guests will enjoy the outdoor kitchen in the large covered backyard porch, complete with pizza oven and grill, overlooking the tennis court. The house has a fantastic flow with generously sized rooms, offering amenities such as radiant heated floors, new Norwood windows, enclosed veranda, walk-in pantry, cathedral ceiling and much more. This substantial house on such a distinguished street is the perfect combination. For more information, click here.
List Price: $3,795,000