The Value of Good Schools
Whether or not we have children in public schools or think the bond is good or bad, our property values are inextricably linked to perception and support of our schools.
According to Sotheby’s, this spring 30% of real estate transactions in Rye involve buyers from New York City. The majority of these purchasers are young families seeking to balance their desires for great schools, satisfactory commutes, sense of community, and budgets. They chose Rye from a total of approximately twenty suburban communities in New York, New Jersey, and Connecticut which have school rankings in the top 200. While each town has its advantages and considerations, schools certainly matter.
This buyer base is a critical component of the local real estate market, but it is mobile. If their desire for quality education — which includes the comparative quality of instructions as well as facilities — is not met, they will choose to go elsewhere. Some point to the recent flat line enrollment trend as a sign the bond is not needed, but what if families are already thinking twice about moving here?
The impact of removing SALT deductions has burdened us all and makes it a difficult time to ask the community for even a modest increase in taxes. That being said, it is important to remember that our effective tax millage rates are actually less than surrounding communities, even once layering on the full impact of both proposed bonds.
We should be doing everything possible to encourage new families to continue to flock to Rye. Before the next vote, I urge you to consider the long-term impact to the community of not enthusiastically supporting both upcoming ballot measures. Your property value may very well depend on it.
- Stacy Bittel
