Property Tax Miscalculation?

Hi all, I am a new homeowner in Brooklyn, and this is my first time receiving the notice of property value that the department of finance sends out each year. Mine is very odd, the department of finance estimated my property value decreased year over year, but my taxes still increased. I had no taxable property improvements or anything of that nature.

I’m attaching the numbers they provided in the picture to this post. When I run through how they are supposed to have done their math, none of it seems to add up right for me, at least not in a way that would reflect a increasing taxes despite a decrease in property value. Anyone able to help me parse this?

Thanks!

[15799719570775792661112589903531](//muut.com/u/brownstoner/s3/:brownstoner:FBpW:15799719570775792661112589903531.jpg.jpg)

garaypetra17

in General Discussion 5 years and 9 months ago

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garaypetra17 | 5 years and 9 months ago

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Haha ok thank you, that makes sense. And no, I won’t be challenging it 🙂

hkapstein | 5 years and 9 months ago

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Yes it’s right. Basically there is a rule that they cannot increase your taxes by more than a certain percent each year. But they will increase it by the maximum they can every year, you can count on that. Your taxes won’t go down until you’re taxed at market value. It looks like you’re taxed on around 500k right now. If you think the house is worth less than that you can make a challenge. Enjoy.