Market Value Assessments in Carroll Gardens why the $1M+ increase

Hi all –

I looked up and down my block at the market values for the houses and I noticed that many of the houses have had an increase in Market Value Assessment ranging from just under $1M to $1.4M in one year! The market is hot, but not that hot, and now the houses are valued by NYC Department of Finance over a $1M more than what Zillow indicates as well as the asking prices. What is even stranger is that now most houses on one side of the street and some on the other are valued at $3.9M to $4.2M and the other side has many that are valued at $555K . The other side of the block has 4 story bricks/brownstones and our side has 3 story, so if anything they should be less. And those that are valued at $555K have sold in the same time frame as the other side of the street.

I learned that I should have picked this up earlier and appealed in January which does me no good now, but I am concerned that there is something systematically wrong with the model that is calculating Market Value.

I’m wondering if anyone has noticed this in their neck of the woods.

thank you

Guest User | 6 years and 10 months ago

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housepoor | 6 years and 9 months ago

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My house valuation (3 family Class 1 on the UWS, no renovations for 20 years) regularly goes up by some absurd amount, making me think it is an algorithm generated figure based on god-knows-what and certainly not what things have been selling for. From the 14/15 to the 18/19 valuation, it more than doubled (and went from 7 to 8 figures). I’d be thrilled to sell the building for what the City says it is worth. I’d even throw in my neighbor’s house. But the number means nothing. It has no impact on RE taxes since the figure actually being used is capped. The number used to calculate my taxes is 1.5% of what the City valuation is. Unless the market value is pretty close to the figure actually used to tax the house, it is not relevant. It also means that arguing that the City valuation is too high is irrelevant to getting your taxes reduced. In my case, they could cut the valuation by 95% and my taxes would not budge.

neilw | 6 years and 9 months ago

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I went and looked at mine and historically it has bounced up and down within about a 200k range, but this year it jumped by almost a million. Its not out of line with market values, but still a big jump.

Guest User | 6 years and 9 months ago

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We’ve had the house 13 years and no work done by us or previous owners

mozeeatupu | 6 years and 9 months ago

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> @antw
> learned that I should have picked this up earlier and appealed in January
Deadline to appeal market assessments for Tax Class 1 Properties was March 22, 2018 and Tax Class 2 Properties was April 2, 2018

resident2 | 6 years and 9 months ago

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Maybe the prior owner did alterations and the assessment is only now catching up. How long have you owned the house?

Guest User | 6 years and 9 months ago

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Yes, but we have not done any alterations . I will appeal in January with my own comparable sales and see how it goes.

resident2 | 6 years and 9 months ago

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The increase in market value is probably due to major alterations. Yes, the City penalizes you for filing the work to improve your property. The City takes a while to increase the valuations based in major improvements/ new C of O’s etc and they catch up one block at a time. Often 2-3 years after the work was finished.
Zillow has not a clue as to market values. They cannot tell the difference between partners buying each other out at 1/3 market value or real arms-length transactions.

daveinbedstuy | 6 years and 10 months ago

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Manafort effect?