Values Down, Taxes Up
The market value of all property around the city is forecast to decline between 2009 and 2010 but property taxes that the city collects will rise 10 percent, according to the Independent Budget Office. The current issue of the Gotham Gazette examines why that’s the case. The main reason is that increased market values are…
The market value of all property around the city is forecast to decline between 2009 and 2010 but property taxes that the city collects will rise 10 percent, according to the Independent Budget Office. The current issue of the Gotham Gazette examines why that’s the case. The main reason is that increased market values are phased in over a five-year period; each annual increase is also capped, so properties in areas that have experienced rapid run-ups this decade can take years to get caught up. The more interesting part of the article is the discussion of how the property tax system continues to favor house owners over owners of commercial buildings and co-ops and condos. The most glaring example is that one-, two- and three-family houses are assessed at 6 percent of their market value versus 45 percent of market value for the other property types. Can you imagine what would happen to the value of your typical house if its properties went up seven- or eight-fold?
Why Property Taxes Rise While Real Estate Falls [Gotham Gazette]
wow…you three have no clue what you’re arguing about. You don’t even understand what I wrote. Now I know how so many really stupid people got in over their heads.
BHO, we’re only down 16.88 percent from the June ’06 peak? That’s pathetic.
“It’s funny how national prices have nothing to do with Brooklyn until they “stabilize”.
exactly, thats why hes the “Money manager who lives in the ghetto”
“The decline in home prices in 20 major U.S. cities slowed in February for the first time since 2007, amplifying signals that the market may be stabilizing.
The S&P/Case-Shiller index’s 18.6 percent decrease compares with a record 19 percent decline the month before.”
Nice try, DIBS. Those numbers are for the US market at large (including coastal areas like NYC that have already fallen -50% or more and non-coastal cities that never went up +200% in the first place) which leads NYC, the last market to fall. Our numbers show no signs of stabilizing. New cycle record for CHANGE FROM PEAK, -16.88%. New cycle record for YOY CHANGE, -10.22%. And besides, we’ve had a few false glimmers of hope (dead cat bounces) before (see the numbers I posted above).
It’s funny how national prices have nothing to do with Brooklyn until they “stabilize”.
***Bid half off peak comps***
Don’t you people get it? When something is crashing, it’s a panic; when something has crashed all the bad news is priced in; and when something ticks up slightly it’s Happy Days. Or so says the Sage from OmigodIliveintheghetto.
brooklynschool:
First, I wasn’t speaking for anyone’s situation other than my own.
Second, we were re-assesed this year. Got a notice in the mail, made an appointment with the tax man, they came, they inspected, they kept them flat.
Third, Why exactly would I concern myself with Loch Harbor when I’m in Hudson County?
THL: YOUR property taxes have not gone up in YOUR town, but that is not ALL towns.
Statewide there has been a 3.7 increase with the average homeowner paying 7000. And that is considered to be the lowest increase in a decade. NJ pays the highest tax in the country. (Sats from the Asbury Park Press)
Property taxes are not reassessed every year and each township is on a different schedule.
Try talking to the folks down in Loch Harbor about their double digit increases after reassessment
It would be worth it to find out when your due for a reassessment….
“you need to understand something or you’ll remain bitter for life: Buying a home isn’t speculation.” ~ dibs
LOL, thats all folks! Dibs proclaims there was no such thing as speculative home buying.
btw, bitter = laughing at dibs and his depreciating asset. I’m real real bitter!
time to move to Jersey City where ppty taxes are flat