More than $220 million in taxable value, found by Mamaroneck at Larchmont’s priciest homes, has been “left on the table by the village board’s decision to stick with its old assessments,” reports LoHud.
In Larchmont Village, 66 of the higher-valued Larchmont properties were valued by Mamaroneck for more than $1 million more than the village, the report says. That means that added taxable value won’t be taxed by the village.
Those homes are yellow on this fascinating color-coded map.
A 2014 state report reveals that municipalities in Westchester, as well as Rockland, Nassau and Suffolk – regularly fail to update their rolls.
“High-end homes in (Larchmont) tended to be underassessed and got hit with huge increases while lower-priced homes tended to be overassessed and saw reductions. In practical terms, that means owners of lower-priced homes have subsidized those at the top end – for years,” writes LoHud.