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]
hey dibs, stupid = speculating at the top in the ghetto
plain retard with no shame = you still chearleading your disaster of money loss in the ghetto when 99.9% of population knows its all over!
cornerbodea…someone told me you were looking for me in a thread the other day…AT 4:00 IN THE MORNING.
You really need to get a life or at least get a blow up doll. Staying up to 4:00 AM with Rosy and you’re gonna go insane, which is worse than just being plain stupid.
Poor dibs “the money manager who lives in the ghetto” referring to consumer confidence lol hahahahahahah. Hows your bed stuy ghetto investment holding up?
Chicken,
UK local government receives most of its revenues via transfer payments from central government (hence why Wandsworth was able to have only nominal taxes for several years, for example).
That said, obviously NYC has income tax as well as property tax, and taken as a whole taxes here are still higher than in the UK (for now!).
Snark…you need to read better. I’ve seen you fall off in this regard lately. 🙂
The market, through the moves in Europe and the pre-open futures was essentially “selling” at down around 2% or more. And now its up…that’s actually quite a big move. As en example, BAC was actually trading down about 14% pre-open and is now down only 4%.
Brownstoner-
The property tax system does not favor house owners over owners of co-ops and condos, as your post says. Read the article you linked to…
“The city’s statistics on coops and condos, however, highlight the bizarre nature of treating these homes for assessment purposes as if they were rental housing. According to the city’s figures, coops have a very high effective tax rate — 4.23 percent for coops and 4.02 percent for condos.
This is largely due to their artificially low market value…In Manhattan, coops have an average market value of $172,759 and 152,680 condos an average market value of $120,981.”
So while I pay a low effective rate on my house, which shows a market value pretty close to reality, the fictitious coop & condo “market values” according to DOF are a tiny fraction of the actual market values
“Chicken… property tax pays for all that in NYC too (though probably *less*)… it’s just that renters and co-op/condo owners carry an inappropriate burden.
Posted by: tybur6 at April 28, 2009 10:55 AM”
Maybe so but I’m trying to reconcile why my council tax bill in London is less than half of what it would be for a comparable house in Brooklyn – even though you say the houses are getting a good deal.
The DOW is up only 25 points.
That’s a rather weak jump and golf applause at best.
tyburg6- you made my evil little renter’s heart flutter! I need to remember this the next time a homeowner complains that they subsidized my rent-stabilized apartment. Based on this, it seems more like I was subsidizing them 🙂