NY Post Exclusive:
NYC homeowners will soon be reaching into their depleted pockets again, with property-tax bills going up—even as home prices remain stagnant or are dipping, The Post has learned.
Taxes will jump an average $173 for a single-family home, which will increase the burden from $3,519 to $3,692, or 4.9 percent, on a home worth about $500,000.
Last year, taxes on an average single family home went up 8.8 percent, from $3,233 to $3,519.
Co-op owners face the same average $173 hit, with their typical bill jumping from $4,930 to $5,103, or 3.5 percent, on a property valued at $425,000.
The bills would have been even higher for many had the City Council not made its annual request to Albany to protect property owners in Class 1—which covers one-, two- and three-family homes. The council successfully lobbied to lower the increased portion of Class 1 taxes from 5 to 2.5 percent.
That saved the average single-family homeowner about $90.
Gov. Paterson approved the change this month, and the council is set to announce it at its next meeting, on Nov. 18.
The new bills are for fiscal 2011, which runs from July 1, 2010, to June 30, 2011.
Some council members argued the reduction didn’t go far enough and that the “class share” cap should have been set at 0 percent, which is what the council enacted in each of the last three years.
The convoluted property-tax system requires that the council allocate the share of the total bill to be paid by each of four classes of property.
Reductions in Class 1 are invariably passed on to utilities in Class 3, and office buildings and retail establishments in Class 4.
No matter what the council did, homeowners were going to get slapped with bigger bills because of higher assessments that the city is still phasing in from the heady years when it seemed the property boom would never end.
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(Source: NY Post)
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3 Responses
Are you sure the Governor has anything to do directly with the local New York City property tax????
If you want lower property taxes, demand lower services. Demand few police and firemen. Demand lower pay for civil servants (this demand will be taken most seriously if coming from the civil service unions). Demand less trash pickups. Demand a cut in subsidies for transit (resulting in higher fares). Ask for bridge tolls to be raised.
All my surburbanite friends would LOVE to be paying my low NYC property taxes.
We really need to increase city property taxes even more in order to hire more police officers and firefighters. Allowing communities to be overrun with crime in order to keep taxes low is penny-wise and pound-foolish.
Charlie…
–Glad you apparently CAN, but not everyone can afford these R.E. tax increases that you consider to be low.
–That’s one reason that we DON’T live in the suburbs!
Is King Bloomberg TRYING to create MORE foreclosures!
–Very soon the only people left in New York City will be those on the receiving end of all the hand-out programs, and the frum community who “need” to have twenty kosher pizza stores and fifteen kosher bakeries to choose from (to pay for those getting the hand-outs!)
–Wise up Yidden! If you can’t make aliyah, at least move to a more “tax-friendly” state.
–It really IS possible to exist with just a few shuls and a handful of kosher stores.