Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax topic
No spam. Unsubscribe anytime.
Board hears $40,000 revenue loss after Valley Stream Central High School District buys village parcel
Summary
Staff told trustees that 10 5th Street was purchased by the Valley Stream Central High School District and must be removed from the tax roll, creating approximately $40,000 in lost annual revenue; trustees discussed appraisals and potential offsets but no final remedy was set.
Village staff informed the board that 10 5th Street was acquired by the Valley Stream Central High School District and, under counsel from the district's attorneys, the property must be removed from the tax rolls. Staff said that removal reduces village revenue by about $40,000.
The parcel in question contains a deli and attached retail (corner of Roosevelt and Cochrane), and staff told trustees that, aside from that loss, the assessor had not yet completed a detailed work-up on other properties that could offset the revenue shortfall. Trustees discussed the possibility of appraisals or other assessment adjustments but acknowledged no figures had been finalized.
Why it matters: the removal of a commercial parcel from the tax roll shifts the village's revenue projections for the upcoming fiscal year and may affect the village's ability to balance the budget without raising the levy.
Trustees and staff noted uncertainty about replacement revenue from other parcels and said the village would pursue appraisals and further analysis; no formal decision or adjustment was adopted at the meeting.
