I live in Bed Stuy and my property taxes are going up by over 3K this year. I as

ked my neighbor and hers were only going up by $1,100. Looking at the nyc dept of finance map of my block, I see that my effective market value and actual assessed value is almost double all neighbors on the block. What gives? Has anyone else encountered this?

madstuy

in General Discussion 8 years and 2 months ago

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Arkady | 8 years and 2 months ago

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Go to one of the tax seminars the city holds – find them at NYC.gov. People there are knowledgeable & helpful.

daveinbedstuy | 8 years and 2 months ago

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> @randolph
> so basically we went from an annual tax bill of $1940 to a bill of $4400. quite an increase

Still cheaper than most one bedroom condos. And I know for a fact that you did a full gut rehab!!!!!!

randolph | 8 years and 2 months ago

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my house is also in bed stuy, starting July 2018 our taxes are doubling. the “assessed value” went from about 9700 to 22000, and to get the tax bill you multiply that number by roughly 20% which is the tax rate for a class 1 property (1, 2, 3 (?) family homes). so basically we went from an annual tax bill of $1940 to a bill of $4400. quite an increase, but to be honest it is still vastly cheaper than living in the suburbs. i just hope the tax money goes to good use like better schools and fixing the subway! i do not have high hopes to say the least.

resident2 | 8 years and 2 months ago

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If you bought within the last 2-3 years a “newly renovated” house; your taxes may well be now getting the reno assessment on your R.E Taxes.
It often takes 2-3 years depending on the Tax assessors cycle and exactly when you or the prior owner got all your sign offs/ new C of O etc. for the new tax to kick in. And you can be pretty sure that it will keep kicking up for a few years to the max that they can depending on what class you are in.

WRPListings | 8 years and 2 months ago

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Did you do any renovations this year or file for a permit from the DOB? I’ve heard this can trigger an increase in assessed value. We had an increase this year as well in Bed Stuy (about 200 more a month). This was a bad surprise since we had just bought the place and calculated our expenses based on the old tax rate. When I looked it up, the increase put us in the top rate for our block, but there were several others with similar rates….around $1000 for the quarter. If you don’t mind me asking, how much is yours per quarter now vs before?