Lax property tax assessments could benefit Cuomo’s partner in home sale

New York Gov. Andrew Cuomo and his partner Sandra Lee announced in May plans to put their New Castle home on the market. Now a potential sale of the 4,169-square-foot home at 4 Bittersweet Lane, whose $2 million listing is held by Houlihan Lawrence’s Harriet Libov, could generate a windfall for Lee thanks to New York’s arcane real estate revaluation laws, LoHud reported. A $2 million home in New Castle, which is part of the Chappaqua school district in Westchester County, should come with a $58,000 property tax bill if assessed at its market value, according to LoHud. But the nearly three-acre property pays only $38,000 in taxes, thanks to an outdated assessment roll in the New Castle area, where the last revaluation was conducted 41 years ago, per LoHud, which noted that New York and New Jersey are among 19 states that do not require periodic revaluations. Cuomo and Lee, who are among several political families of note to call Westchester and neighboring Putnam County home over the years, did see their New Castle residence receive a higher assessed value in 2014 following a previous investigative report by LoHud. Lee, an author and Food Network star, reportedly used the New Castle home, which she nicknamed Lily Pond, as inspiration for a new home and garden book she is writing. [LoHud] — Brian Baxter