S#!t Outta Luck: Values Down, Taxes Up
We’ve heard what Elliman, Corcoran and others think happened to prices last year and now we know what Bloomberg et al think: That property values—at least in Clinton Hill—fell 10 percent last year. The assessed value, however, did not decrease in accordance. As previously reported, property taxes are going up 7 percent this year. Ouch….
We’ve heard what Elliman, Corcoran and others think happened to prices last year and now we know what Bloomberg et al think: That property values—at least in Clinton Hill—fell 10 percent last year. The assessed value, however, did not decrease in accordance. As previously reported, property taxes are going up 7 percent this year. Ouch. Update: Crazy Stable is riffing on the same topic.
oddly, mine in Park Slope went up.
it’s because assessed values are ridiculously low and need to catch up …
I agree, Ringo. I was amazed at how low taxes were here when I started looking. I pay under $2,000 for my 2,560 sq. ft vs. $5,000 for under 800 sq ft in Manhattan!!!!!!!!!
The market value of our property in Brooklyn Heights went up 2%
I don’t think brownstone owners can really complain about real estate taxes in brooklyn. You guys have it made.
“But but but I thought the Case-Killer index didn’t apply to brownstones.”
No No BHO we use Pixie dust! Tinkerbell says every thing is OK….
The What (Obama will save us, right?)
Someday this war is gonna end…
Thanks Slopefarm… but it still doesn’t get at the kernel of the problem. I get “tiered” tax systems… but there is a difference between discounting for various types of housing and having the “assessed” value have no relation to the “market” value.
They should and NEED to be linked. If a house sells for $300k in 2004 and then the same house sells for $1.6 million in 2008. The taxes should NOT be anywhere near similar!!! Simple as that.
Huge increase in NYC Finance determination of market value for us in South Slope this year. Thanks a bunch, Charette. Anyone know a good tax cert. lawyer?
Anyway, in answer to tyburg, the different values are due to the City’s tiered tax system, in which 1-3 fam houses are assessed much lower than larger units. So, for example, our 2-fam 3100 sq. ft. house, ends up costin gless in property taxes than our share of property taxes for our old 800 sq.ft. brownstone coop. just 11 blocks away.
Feb. 3 (Bloomberg) — More Americans signed contracts to buy
previously owned homes in December for the first time in four months, signaling slumping prices may be boosting demand.
The index of pending home resales climbed 6.3 percent to 87.7, the first increase since August, from a revised 82.5 in November, the National Association of Realtors said in a report today in Washington. Pending sales rose in two of four regions.