NYC Property Values Level Off
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values…
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values is being attributed to declining values in small homes outside of Manhattan. The growth in real estate values over the last several years has helped buoy the city’s economy and contributed to record budget surpluses. The lower assessments may force the city to make increases in the tax rate or end the $400 property tax rebate, according to David Weprin, chairman of the City Council Finance Committee. This is an indicator that we might be up for some tough fiscal times, and Wall Street isn’t helping, either, Weprin told the Times. Property values are no longer going up; they’ve stabilized, and I would expect that’s the trend we’ll see before they go down.
Gains in NYC Property Values Start to Flatten Out [NY Times]
Home Values Drop, But Taxes Go Up [NY Post]
Growth in Property Market Value Slows [NY Sun]
Photo by crown heist.
Thank you, 12:02!
All of this cheerleading for the What is making this site look like the audience at a World Wrestling Federation event. I’m waiting for him to appear, bare chested, with too much makeup, a feather boa, and long oily receding hair. He is beating his chest, and flinging a full sized plastic doll dressed in a 3 piece suit around the ring, shouting “I’m coming after YOOOUUUUUU, you fucktard bankers and real estate moguls.”
Good for a chuckle, but actually, kinda scary and disturbing.
Transitional Value is the value at which homeowners are taxed. It factors in the 6% per year and 20% over 5 year limitation on market value increases.
Heres an example
Year0 Market Value=$100K
Year0 Transitional Value=$100K
Year1 Market Value = $120K(market increases 20%)
Year1 Transitional Value = $106K(100*6% annual limit)
Year2 Market Value = $144K(market increases 20%)
Year2 Transitional Value = $112.4K(100*6% annual limit)
Year3 Market Value = $172.8K(market increases 20%)
Year3 Transitional Value = $119.1K(100*6% annual limit)
Year4 Market Value = $207.4K(market increases 20%)
Year4 Transitional Value = $120K(100*20% five year limit)
Remember, transitional values can only be raised 20% every 5 years.
Year5 Market Value = $248.9K(market increases 20%)
Year5 Transitional Value = $120K(100*20% five year limit)
Year6 Market Value = $298.6K(market increases 20%)
Year6 Transitional Value = $127.2K(120*6% annual limit)
Taxes are computed based on the transitional values not market value. You can find out the value that your tax is based on by looking at your Notice of Property Value.
If Albany increased the annual and 5 year limits on increases property taxes will spike.
“The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases”
Finally, a non-conflicted source. Moveover Corcoran!
Hey What, did you hear what 11:14 said – Are you gonna stand for that? Sick him boy, sick him. Go get ’em, attack attack.
11:06, I don’t believe this is exactly the doom and gloom “The What” predicted nor do I believe this was unexpected. And just like the late 80’s and early 90’s this will shake out and rebound.
“Homeowners/Taxpayers need to be concerned with the Transitional Value. State law limits assessment increases other than increases based on physical changes to the property. Assessments may not increase more than 6 percent over one year and 20 percent over five years.”
You never explained “Transitional Value.”
About time. Just like dot com, the bubble built and burst. Time to get back to traditional principles like being qualified for the mortgage and having a down payment, imagine that.
Where o where is that fucktard the What when you need him? I mean every other post recently on brownoser either refers to him or uses his lingo. Now that the market is tanking in what he had predicted would be a “Fuck you year” he is MIA?!!? Maybe he is just too much the gentleman to say I told all you asshats so.