School Superintendent Richard Organisciak, responding to doubts first raised by Talk of the Sound last March, has admitted that the assessed value of property in New Rochelle could be dramatically lower that projected in final budget to be submitted to voters on May 19th. In a school district video aired on Channel 77 this past Friday, Organisciak called it "entirely possible" that his own projections are way off.
The sort of decline Organisciak envisions would cause a massive tax increase -- two to three times higher than the 3.22% increase announced by the District just two weeks ago.
TOS readers will recall that in dozens of community meetings and school board meetings, Organisciak and Schools Finance Chief John Quinn repeatedly defended their assumption that the assessed value of property would remain the same as the year before despite a 25% drop in property values. Reports around the county indicated that tax appeals are up more than 300%.