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April 17, 2006

property taxes and transitional values

The city has assessed most average park slope brownstones at over a million, at least from property shark.

Following thru the tax calc implies the city desires over $10,000 a year in taxes each!

Transitional values limit how fast taxes can reach that mark, but if my reading of transitional value is correct then property tax will still rise pretty fast and within 5 years or so, will reach full rate.

Does this mean park slope brownstones are a property tax bomb waiting to go off? Over $10,000 a year per small brownstone is a whole bunch of tax! A garden rental might take half a year to collect this much in income.

Is there any hope? by 2010, will all slope owners be cutting checks for 1% of the market value of their place, year in year out? if market values drop, will taxes overhang and drive the market down further?

Comments

I think it will take more like 20 years, but you're right (eventually)

Posted by: OE at April 17, 2006 6:18 PM

taxes can rise 8% per year but not more than 30% over 5 years which limits it to 6% a year for long term increases. Considering that most brownstones now pay around $2500 a year it will take some time to get up to $10,000.

Using the rule of 72 (http://www.ruleof72.net/rule-of-72-learn.asp) it will take 12 yrs for the tax to double to $5,000 and another 12 to double to $10,000 for a total of 24 years.

Posted by: Anonymous at April 17, 2006 7:13 PM

If the tax authorities wanted to maximize rate increases, they can only average around 5.4%/year (which compounds to 30% over 5 years). At the same time, inflation is reducing the cost of the future payments. While inflation has been pretty low over the last decade or so, it's still been around 3%. So the highest possible effective rate increase in real money is around 1.4%/year. At 1.4%/year, it will take about 50 years for the taxes to double. Taxes are so low now compared to purchase and maintenance costs that I'm sure that owners can shoulder any increase they'll see under the current law in the next 20 years or so.

The big threat is that the law might change and the cap on increases be removed. But the current law isn't a problem.

Posted by: Tim at April 18, 2006 9:25 AM

Unless the mayor pulls another tax increase like he did a couple years back....or chages the law. Face it, the incredibly low taxes on much of Brownstone Brooklyn has been a subsidy that can't last forever. But on the other hand, taxes have skyrocketed in Manhattan (in comparison to Brooklyn at least), Manhattan residential rents are lower than they were 5 years ago and market values have doubled. The offset has been lower interest rates on re-financings...and that seems to be coming to an end. Anyone still think market values will keep on going up?

Posted by: Anonymous at April 18, 2006 9:32 AM

Manhattan rents are lower than 5 years ago? Right.

Not anyone I know.

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