Property Taxes

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

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.

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....