Property Taxes

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Anyone get their new assessment? Yowza?
Has anyone appealed the valuation?
Thanks for any help.

shishkab

yes. holy crap! had to read it twice, then read it again!

anonymous

Read very carefully. Market value has gone up significantly (it should right?) but assesed value can only increase by a max of 6% per year or 20% over 5 years. Your taxes will not go up significantly unless they have completly reaasesed you for doing demolition or major structural improvements which they will have to detail.

anonymous

My market value per the dept of finance increased by 245K, but the assessed value only increased by $896. I think, though I'm not sure, that the property taxes are calculated by multiplying the assessed value by the property tax rate.

kevin_on_putnam

Does anyone believe that they're basing the assessment on recently sold houses in the area? Our market value assessment went up by over 100% in one year. What's going on?

anonymous

I think that's correct Kevin. If you go to nyc.gov, dept of finance, there's a link to an article saying that the city is pushing to have the market value reflect what the houses actually might be worth. Its seems, however, to be applied a bit haphazzardly as some houses onmy block have high DOF market values, close to what they might sell for, while others do not. I suppose the real long term issue is that taxes can continue to rise 6% a year until the assessed value catches up with the market value, which would make living in these old brownstones, and paying NYC income tax and property tax, more expensive than living in CT or Westchester and just paying the high property tax. That might ultimately hurt the NYC housing market (whereas now it is a bit of a wash with NYC income tax plus property tax compared with high property taxes in the burbs) Who knows....

kevin_on_putnam

Jeez, a friend of mine lives in Florida and he told me he's paying $20,000 a year in real estate taxes. He couldn't afford it anymore and moved out of state. I hope that doesn't happen in Brooklyn, the only people who could afford it will be the bankers and the lawyers