Quoted from mikechristine1

Seriously, I did not go looking for this on this particular date.  I read a comment, and went to look and see if there is info.

Recorded TODAY in the county, the purchase of 47 Schermerhorn Rd by Philip Morris!   The mortgage is for $310,000 but I can't find the actual purchase price, there's one part of the county real property info that has not yet been updated.  However, these days there is no way in heck that a bank would approve a mortgage of that price without a sizeable down payment, amount of which is not relfected in the mortgage,   AGain, these days, typical 20% down, must be about $50,000.  

But regardless of the unknown down payment, the price is at least $310,000 (NO ONE would write a mortgage today for higher than a purchase price).  Now, I trust the assessor will increase the assessed value big time.  It is currenly assessed for $228,000, and since assessment is supposed to be roughly the purchase price, then of course the assessment must be increased.    Except for DV, the rest of us will make a note on our calendards to check the change in assessment next year, right?

THe house is a 3,000 sq ft colonial with 4 bedrooms, 2 full baths, and 4 fireplaces - yep 4 fireplaces!  It appears to be on an acre of land.  It was built in the late 1700's.  

Compare that to his house in the city which is just shy of 3,000 feet also, and a lot size only a wee 29 x 155.  His city house has 2 full baths, only 3 bedrooms and no fireplaces at all.   It too was built long ago.   He bought it just 8 years ago for $172,500 and the value has fallen---it's current assessed value is $161.500 and I'll bet that if the city reassessed every property today, there'd be another $10,000 reduction at least.    He got a mortgage for $155,000 upon purchase of the house in the city, and estimating a 6% interest rate on a 30 year mortgage, his balance now (assuming no extra payments) would be about $135,000.  Now, if a $400,000 house sold for less than half, of it's asking price and with a falling market, he couldn't ask for more than $160,000 to start, he'll be lucky to sell it for $100,000, which means he'll take sizeable loss.  If he chooses to rent it out, well, who wants to rent in the city?  Based on the amortization table, the monthly payments for the mortgage he had are just over $900 a month, then add probably $500 a month toward taxes at least.  SO he'd have to ask probably $1,500 a month in rent.  WHO would pay that much rent in the city????

The records in the county for property taxes do not include the school taxes.  Also, this page on the county website is not yet updated, shows the current owner and reflects taxes not only with the STAR basic (which Morris has in the city) but also vet exemption).  However, I calculated the taxes from the 2010 taxes rates as indicated using the assessed value wtihout the veteran exemption.  So the total property taxes (municipal and county, and the fees for the new house are roughly $2,500.  For his city house, his taxes are just over $3,100 per year.  

So compare.  Higher tax bill in the city for a lot size only a tiny fraction of the new house, higher tax bill in the city with fewer bedrooms, with no fireplaces at all, and no garage.

The school tax rate in the city is higher than Schalmont and for the higher taxes you get a failing school system which a 50% graduation rate and continusly listed on the most dangerous schools list.

Now, I don't begrudge anyone for moving out.  His tastes are in older/historic homes, that's fine too.

But, the guy works for an alleged not for profit.  Hey, hospital are nfp's too and their heads are people with medical degrees which would justify a good salary.   But Morris works for a non-for profit which operates a for profit business with lavish Broadway shows, Most heads of nfp's make a token pay.  That's why there is no way Proctors is an NFP, regardless of the fact that it gets donations.  Got $30 million from the state I think I read, and millions in annual donations, and in this terrible eonomy Morris can afford to buy such an expensive house!!!!!  Especially when he's going to have two mortgages--one on each house.   He is obviously getting paid very handsomely by the taxpayers courtesty of....who else?   Courtesy of Susie Savage!!!!!!!!!!!!!!

If you go to that real property seciton of the county website, you can see a photo of the house too.  Gosh, I wish I saw it when it was listed for sale, the real estate websites, but then, we wouldn't know he was going to buy it.

Mr Morris should come out in a press release and thank the financially struggling taxpayers in the city for paying the tax bills of Proctors (and related tax exempt property) so that Morris could get paid so handsomely as to buy the fancy schmancy house.