Posted by Leonard Steinberg of Urban Compass on January 16th, 2015
As New York City tax coffers swell to record-level surpluses, it was announced that real estate taxes are about to rise dramatically……of course with a characteristically un-American sense of un-equalness that has become the hallmark of our messed up New York real estate tax structure. A hot real estate market has resulted in a 9% hike on assessed property values, which will likely raise real estate taxes for many.
- The average property-tax increase for single-family homeowners could be $228
- The average co-op property-tax bill could go up by $448.
- The average Condo owners tax bill could shoot up by an average of $838….almost DOUBLE that of co-ops!
IN MANHATTAN….. - Co-op tax bills could go up by an average of $817
- Condo owners could get an average $1,150 increase.
- Single-family townhouses could see the biggest hike: $2,131.
New York City was ending the fiscal year 2014 with a $744 million surplus, about $639 million more than de Blasio initially predicted.
Mayor DeBlasio promised us over a year ago to address the gross disparity in real estate tax collection in New York, best highlighted by his own Brooklyn townhouse that has a real estate tax bill about a third of the size of similarly valued condominium apartments in Manhattan.
It is time for the citizens of New York to make their voice heard: this madness must end! its time for the city to fully re-evaluate its entire real estate tax system without further delay.