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assessors to use a sales approach as the primary methodology for valuing income-producing
property for the next fiscal year. We expect that this proposed change in assessing property
will result in significant assessment increases next year." While this portents higher real estate
taxes it also sets up the battleground for tax certiorari proceedings in the years to come. In
general, real estate taxes are forecast to be relatively stable in New York City.
ENERGY
In every one of the past forecasts the issue of how quickly the U.S. should wean itself off
petroleum products has been stated. This was when energy prices were at an all time low.
It was astonishing that the past administration failed to act comprehensively . The U.S. still
does not have an
effective policy i.e conservation, solar, wind, water, alternative sources etc.
Over the last year energy prices have almost tripled. Oil consumption in the U.S. has gone
from 5.1 million barrels a day (8% imports) to 19.4 million barrels a day (54% imports) as of
December 1999. Crude oil prices were $9.93 per barrel as of January 1, 1999 and are over
$35 per barrel now. Crude oil supplies are at a 24 year low.
Boosting U.S. production is an accepted political cry but it won't be effective since the U.S.
has only 21 Billion barrels of proven reserves down 44% from 39 billion in 1970 according to
the Energy Information Agency (EIA), the Department of Energy's statistical arm. The EIA
estimates the U.S. holds 139 billion barrels of yet to be discovered oil but much of that is
currently off limits to drilling.
It is imperative that energy policy be given top and immediate priority.
ENVIRONMENT
If Gore had become President, environmental issues would have been a top priority. The
Bush campaign didn't place the same emphasis on it. With oil becoming an issue, it is
unclear whether or not Bush would push for drilling in the U.S.
Expect to see continued expansion and redevelopment of "Brownsfields" properties. Please
see "The Environmental Damage Valuation" section of our website.
The New York State Legislature has taken a number of actions concerning environmental
issues. Please see the section in our web site entitled Environmental Actions of the New York
State Legislature in 2000 By Michael B. Gerrard , Esq.
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TECHNOLOGY - BIOTECHNOLOGY
These two areas will provide enormous growth opportunities for Long Island and New York
