Median property tax tops $10,000 in Westchester
Westchester holds the dubious distinction of becoming the first county in the U.S. to top the $10,000 median property-tax threshold, according to estimates from the Census Bureau”™s 2011 American Community Survey (ACS).
The median property tax bill in Westchester County increased more than 12 percent from $8,890 in 2008 to $10,000 in 2011, while the county”™s median household income dropped 3 percent over the same period to $77,006.
While the median income for Westchester households came in far above the median household income for all of New York state, which was $55,246 last year, the county”™s median property tax was more than double the median property-tax bill statewide, which was $4,273.
Overall, the median property tax bill in New York state increased 18 percent from 2008 to 2011, while the median household income fell 1.4 percent, down from $56,033 in 2008.
Nationally, the median property tax bill increased 8.4 percent to $2,057.
Notably, nearly four dozen counties nationwide have higher median incomes and lower median property taxes than Westchester.
Any changes resulting from 2011 New York state legislation that enacted a 2 percent cap on property tax levies would not be reflected in the current ACS data.
Among other Hudson Valley counties, Rockland homeowners paid the third-highest property taxes in the country in 2011, while Putnam residents paid the 12th-highest taxes.
Rockland”™s median property tax bill increased 11 percent from $8,430 in 2008 to $9,376 last year, while Putnam”™s increased 7 percent from $7,324 to $7,851.
ACS, which is separate from the census, is an ongoing survey that provides data to federal, state and local governments to help them determine how to distribute various services.
According to the Census Bureau, information from the survey generates data that help determine how more than $400 billion in federal and state funds are distributed on an annual basis.
Tax receipts fall below projections
From April, which marked the start of the state”™s fiscal year, through August, tax collections were $147 million below projections and $204.3 million below collections compared to this point a year ago, state Comptroller Thomas DiNapoli said in a Sept. 19 report.
DiNapoli said in a statement that while the state”™s budget is still on “relatively solid ground,” weak collections and slow economic growth “signal a need for caution going forward.”
The state”™s general fund, which represents the main operating fund of the state, ended August with a balance of $1.5 billion, or $273.5 million higher than projected in a July financial plan update, DiNapoli said.
He attributed the surplus to lower spending, but said stronger revenue growth over the last seven months of the state”™s fiscal year “will be needed to meet year-end tax projections.”