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Rye Brook to refund $121,739 linked to Town of Rye tax settlement for 2020 assessment year
Summary
Subject to Town of Rye and court approval, Rye Brook will refund $121,739.15 after a consent judgment reduces 2020 assessments tied to the former Doral/Iwood property; the village acted to allow the refund before fiscal-year close.
The Rye Brook Board of Trustees on May 26 approved a resolution authorizing a $121,739.15 refund of village taxes and collection fees that would be payable if a proposed Town of Rye consent judgment reducing certain 2020 assessments on the Doral/Iwood property is approved by the town board and Westchester County Supreme Court.
Village officials said the town negotiated the settlement after reassessing property values for the 2020 assessment year (a period when the hotel on the property was not operating), and the consent judgment reduces total assessed value for the affected parcels. The villages refund obligation is a portion of the overall settlement and will be paid to petitioners only after the town and court complete their approvals. Officials said the timing of the village vote was driven by the villages fiscal-year calendar and the need to record the liability before year end.
The resolution and discussion noted that the settlement includes withdrawal of other pending tax-year challenges and that the town and school district must also process corresponding refunds. Trustees voted to approve the village resolution to enable the refund process to proceed if the town and court finalize the consent judgment.
Next steps: The town board of the Town of Rye is scheduled to consider the settlement in its next meeting; if both the town and the court approve the consent judgment the village will issue the refunds consistent with the settlement terms.
