Forum Archive: Posts by: kensch

Here is a question—

NYC has been assessing the value of our brownstone for years for tax purposes and it has been below “market” rate. Now, I wonder what “market” rate really is for my brownstone as the assessed amount keeps mounting and the market keeps going down. The directly comparable brownstone on my block that is for sale hasn’t sold on over 6 months.

It seems to me that assessed home values are another bubble and a way to keep revenue up for the city on the weakening backs of its citizens. But in a world where value is such a difficult thing to place, how does one know if/how one begins to pop it?