Posted by Leonard Steinberg on February 27th, 2013
The overly corrupted, inequitable real estate structure of New York reveals further evidence now to showcase just how bad the situation is: Did you know that Class 1 (single family) properties in Manhattan have gone up over 37% since 08 yet Brooklyn’s Class 1 properties increased only slightly since 08, and Bronx, Queens, and Staten Island all had their market values fall by over 11%. Oh really? So Brooklyn townhouse values have remained the same for the past 5 years? One has to wonder what data the New York City powers analyze when doing their calculations. And whose votes are they trying to buy?
The entire real estate tax system in New York is corrupt and broken: the inequities are monstrous and un-constitutional. It is significantly worse than the federal tax system which too is a thorough disaster. Is it time to wake up, or take to the streets on this one?
Class 1 Market Values (Billions)
|
MN |
BX |
BK |
QN |
SI |
|
| FY 2008 |
$20.2 |
$33.3 |
$141.5 |
$173.1 |
$58.1 |
| FY 2014 |
$27.8 |
$29.6 |
$141.9 |
$152.8 |
$51.5 |
| $ Change |
$7.6 |
-$3.7 |
$0.4 |
-$20.3 |
-$6.6 |
| % Change |
37.6% |
-11.1% |
0.3% |
-11.7% |
-11.4% |