Many of Rye Brook's largest commercial-property owners are challenging Rye Town Supervisor's failure to stay ahead of declining property assessment curve.
Joesph Carvin's failure to plan ahead is creating an additional strain on both the financially strapped village village of Rye brook and the two school districts that serve Rye Brook's children.
A battle erupted last month in the town of Rye when the Doral Arrowwood Hotel and Conference Center in Rye Brook, N.Y., challenged four years of the town's assessments on its 114-acre property. If the hotel wins its appeal, the school district, the village of Rye Brook and the town could be forced to reimburse millions of dollars to the hotel. Doral has been hit with nearly $11 million in property taxes over the past four years, including about $2.7 million last year.
Rye Town Supervisor Joe Carvin has foolishly failed to plan or adequately warn village and school leaders about this pending $11 Million dollar loss.
And this is just one property that Carvin is responsible for.
The hotel's case is one of about 250 assessment appeals—the process is known as tax certiorari—the town of Rye is just sitting on this year.
Rye Town Supervisor Joe Carvin, who is also a hedge-fund manager with Altima Partners in New York City is simply gaming the system until after the November election.
250 Property owners in Rye Town say they are merely trying to pay their fair share in taxes, but not more and are headed to court because Joe Carvin can't plan for and stay ahead of obvious trends.
Every taxpayer has the right to a fair and equitable assessment and that's all that the 250 Rye Brook taxpayers are seeking.
In the case of Doral.....Over the last couple of years, Joe Carvin has done nothing as the net income of that facility has been declining significantly.
Joe Carvin fails to realize that the market for these types of properties have dipped in a dramatic way.
Rye Brook taxpayers are going to get tax shock after tax shock as Carvins do nothing attitude causes a mushroom cloud of court cases that will harm the village and schools.
Carvin just doesn't understand that as companies downsize more of these corporate properties will be emptying out.
The financial crisis has hastened the trend as Carvin just kicks the tax problem down the road a year or two.
The Rye Town corporate tax inventory is aging, and big corporations are downsizing and Rye Brook residents are going to get soaked, because Joe Carvin has not stayed ahead of the trend.
In 2010, Rye's town assessor says the value of its assessed property went down about 9%.
But Rye Town Insiders say that when all these court cases come home to roost the taxpayers are going to discover that the town has lost about 23% in assessed property values.
Assessed by the town at about $100 million, everyone knows that the Doral Arrowwood is worth significantly less than that.
But it's not all bad news, because Joe Carvin is giving some of his pals $50,0000 to be outside appraisers of the hotel's value.
In June, Rye Town taxpayers are forced to watch Joe "The Harvard Educated Fool" Carvin head to court and lose big bucks.
This will be the first of many losses for The Harvard Educated Fool.========================================
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