Property Shark Tax Values - Are they price values?

From PShark:
“We are often asked for the sources of our data. With few exceptions, all of the data in our Property Reports comes from public sources. Our data is updated as frequently as possible, usually daily, but sometimes weekly, monthly, quarterly, or annually as appropriate.”

I wouldn’t put too much stock in the appraised value for tax purposes. People always have incentive to lowball their value to keep their taxes low. But when they’re selling…

This is also on PShark (near the bottom of one of their reports):
Property Tax
05/06 06/07 Tentative
The property tax assessment process starts when the city’s assessors determine the market value of your property. Despite the name, this value has little to do with what someone would actually pay for your property. In some neighborhoods the market values are close to actual property values. In others they can be as little as 5% of true values. Even within neighborhoods there can be wide variations.

Market Value $2,840,000 $2,340,000
Property tax is only levied on a portion of the market value. This portion is called the assessed value. For 1-3 family homes and 1-3 story condos, taxes are levied on 6% of the market value. For all other properties, taxes are levied on 45% of the value.

Sometimes the city will exempt part of the assessed value from taxation for a certain number of years. Usually these exemptions are granted as an incentive to make improvements to an existing structure or to build on a vacant lot. Larger incentives are granted in development zones. For rental property the incentives are usually tied to rent stabilization.

Market Value $2,840,000 $2,340,000
Assessment Ratio x 0.45 x 0.45
City’s Assessed Value = $1,278,000 = $1,053,000
Exemptions Granted by the City – s$28,160 – $31,540
City’s Net Assessed Value = $1,249,840 = $1,021,460
While the city’s assessors have noted the rapid appreciation of property in New York City, the state understands that it would be burdensome for property taxes to rise too fast. Therefore, increases in the assessed value are phased in over a number of years. This introduces the transitional assessed value, which is limit on the portion of the assessed value which has been introduced into the tax base.

Unfortunately, when the assessed value is phased in, sometimes the exemptions are as well.

Transitional Assessed Value $1,294,200 $1,254,600
Transitional Exemption Value – $28,160 – $31,540
Transitional Net Assessed Value = $1,266,040 = $1,223,060
The taxable value is the smaller of the city’s net assessed value and the transitional net assessed value.

Taxable Value $1,249,840 $1,021,460
The property tax is determined by multiplying the assessed value by the tax rate. The tax rate is different for different types of buildings.

In addition to exemptions, the city also grants tax abatements to some properties. An abatement is simply a discount — it is subtracted directly from the annual tax bill.

Taxable Value $1,249,840 $1,021,460
Tax Rate x 0.12396 x 0.12396
Tax before Tax Abatements = $154,930 = $126,620
Tax Abatements – $0 – $0
Annual Tax Bill = $154,930 = $126,620

This web site is not an authoritative source for property tax information. The computer program that generates this analysis was only validated in an informal manner using a small sample of properties. The analysis presented for this property may be incorrect, and you should validate it independently if you will rely on it. The only authoritative source is the New York City Department of Finance (DOF). You can visit the property tax section of its web site here.

The analysis presented here is based on assessment data from a point in time. The DOF periodically revises assessments. If the assessment for this property is raised, the tax bill will almost certainly rise as well. Some raises are phased in (transitioned) slowly, others are not. From time to time the city raises tax rates, which also raises tax bills.