Property Tax increased almost 100%! Why?

Well, it seems like there isn’t a specific way to predict what the increase might be, but things might correlate. Contractors and others I spoke to suggest it’s related to the dollar amount stated on the permits. It could be incorrect. A NYT article on the subject from 2005 suggest the assessors are looking at the scope of the work and determining the value based on their estimates.

So it’s related to the dollar amount in some form, even if imagined. I think if people were getting their taxes tripled because they filed an electrical permit or something, we’d hear about it.

What I suspect is that, based on the very high end reno numbers on the Brownstoner forums (being as it’s populated by high-end contractors, architects, etc. – one other thread someone said that 400K for a two family house is ‘the minimum’ for a reno, for example), people are getting punished for high numbers on the permits.

But I’m speculating like you are.

soundhoner

in General Discussion 8 years and 10 months ago

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soundhoner | 8 years and 10 months ago

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Critical question, to the OP: how much did you spend on the reno? What did you fill in the permits?

midwoodflyer | 8 years and 10 months ago

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Why is that critical? I’m actually thinking that the dollar amount filled in on the dob applications has nothing to do with the increase and more to do with the 6% per year, 20% per fiver year caps being lifted when an alt 1 or 2 is filed. This gives the finance department an opening to get the assessments up. The city is looking to all these new “rich” homeowners to fill the coffers