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NYC Property Values Go Up, So Property Taxes Will Go Up
By
Jen Chung
Published Jan 15, 2011
Modified Jan 15, 2011
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By
Jen Chung
Published Jan 15, 2011
Modified Jan 15, 2011
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Good news/bad news for property owners in NYC: The good news is that the Finance Department has announced that single family homes are now worth 2% more than a year ago and apartments are up 4% (pdf). And even though most of the increases were to be found in manhattan, this means the bad news of property taxes going up all over the city, due to what the Daily News calls the city's "arcane property tax rules."
The Post explains, "The average single-family homeowner will have to shell out $3,798 in taxes, or $161 extra; the average co-op bill is getting hiked to $5,848, up $384; and the average condo owner had better brace for a $7,313 hit, a jump of $490." But that's just the average—according to the News, "In Manhattan, for example, condo values shot up 16%, and the average condo owner will see tax bills rise $971 to $11,349. In Queens, by contrast, single-family home values rose almost 2% - and the average tax bill for them will rise $95 to $3,719."
Owners of Class 1 buildings have until March 1 to challenge assessments while other owners have until March 15.
Tagged
nyc property value
property taxes
property values
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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