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Q&A
Property tax forecasting for FY 2025
4:12:46
ยท
45 sec
Councilmember Brannan inquires about the Comptroller's office forecast for FY 2025 property tax collections, which is below OMB's forecast.
- The Comptroller's forecast for FY 2025 property taxes differs from OMB's by about $400 million
- The main difference is that the Comptroller's office did not incorporate lien sale revenues and its impact on collections
- The potential impact of a lien sale on the delinquency rate could explain most of the difference between the forecasts
Justin Brannan
4:12:46
I want to talk about property tax forecasting for FY 'twenty five.
4:12:49
Your forecast for FY 'twenty five property tax collections is below OMB's forecast.
4:12:56
As a result, our forecast for FY '25 property taxes differ by about $400,000,000 Did you incorporate the lien sale revenues and its impact on your collections?
Francesco Brindisi
4:13:08
No.
4:13:08
That I think is the biggest difference between our numbers.
4:13:13
Reserve.
4:13:13
It's not necessarily the levy because that's already been fixed.
4:13:17
We did not make an assumption regarding the potential impact of lead sale on the delinquency rate, which 1% would be 300 and something million dollars explaining most of the difference.