Rockland County Budget Woes, by Ken Mahoney

FORECLOSURES POSE FURTHER STRAIN ON LOCAL BUDGETS by Ken Mahoney

With a 10% Rockland property tax hike looming in the New Year, residents are anxious to see how the county can keep from instituting further hikes in the future- a challenge that will only intensify with decreased mortgage and sales tax revenues, not to mention related reductions in revenue stemming from growing foreclosure and mortgage delinquencies.

A report out of NY Comptroller Tom DiNapoli’s office estimates property tax revenue could fall by up to $1.3 billion if statewide property values decline to the same extent as experienced in the early ‘90s recession. DiNapoli says as many as 50,000 New Yorkers this year have foreclosed on their homes. Orange County and Staten Island posted the state’s highest third quarter foreclosure rates. Rockland’s neighbors to the north are reporting 1 in 205 property owners in foreclosure.