Property Values Decreasing?

The NYC Tax Assessment value has nothing to do with the market value and although the market value section of the assessment is supposed to go in the right direction it takes them a while to adjust to the market; this seems an example of that. Arkady; your neighbor or a prior owner probably pulled some permits to “improve” their property, this will trigger an increase, but this also can take several years for the Tax assessment to reflect the increased value based on the improvements. The Tax Assessment Department is a mess; but if you get a low value, just keep your head down and keep quiet. Challenge it if it has gone up more than caps permit, if there have been no permits in the last 5 years. But again do your homework before opening a can of worms…..

resident2

in Roofers 9 years and 5 months ago

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mepengineer | 9 years and 5 months ago

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We just received a NYC Tax Assessment DEVALUING our Brownstone by -$120,000\. I’m not sure who factors these figures but we bought our place for $670,000 a few years ago and un-renovated homes in our neighborhood (PLG) are going for $1m+. Has anyone else encountered this? It makes no sense. Thanks!

BobMarvin | 9 years and 5 months ago

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Of course it makes no sense?these City assessment figures rarely do. That being said, a reduction is good; mine went up, which will lead to a tax increase, albeit at such a slow rate (due to yearly caps) that I’ll barely notice it.

slopefarm | 9 years and 5 months ago

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Yes, enjoy the devaluation without worry. It has nothing to do with what happens when you put the house on the market or have it appraised for a refi.

Arkady | 9 years and 5 months ago

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They only give lip service to that cap – a neighbor of mine got a substantial hike.