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Westchester's municipalities collect property taxes, about 16 percent of which goes to directly to finance county government.
The county has more than 25 assessing jurisdictions that impose additional property taxes. In almost every municipality in Westchester, the property tax levy is based on a house's valuation assessment. In order to distribute the county tax burden equally by community, state law requires New York State's Office of Real Property Services (ORPS) to set an equalization rate, which seeks to measure the relationship of locally assessed values to an ever-changing real estate market.
In today's tumultuous economy, it's no surprise that there are foreclosure properties to be found in just about every community across America-even ours in Westchester. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a "bargain-priced home" with the potential for building instant equity.