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NYC Homeowners Hit With 8.8 Percent Property Tax Hike

bloe1.jpgCash-strapped New York City homeowners are being hit with hefty property tax increases. And the reason is hard for homeowners to both understand and swallow.

To city homeowners it gives new meaning to the term fuzzy math. Their property values have plummeted but their taxes are going up.

Voters all across the metropolitan region are in revolt over high taxes, but city residents will have to dig deeper to live here to reflect — if you can believe this — higher property assessments during the boom years that by state law are still being phased in.

Councilman Peter Vallone voted against the increase, but he couldn’t stop it.

“This will lead to more foreclosures. It’s the continued erosion of our tax base which is, I’d like to say is pennywise and pound foolish, but it’s not even pennywise, it’s just plain foolish,” said Vallone, D-Queens.

One- and two-family homeowners will be hit with an 8.8-percent increase. The average homeowner will see his taxes go from $3,233 to $3,519.

Co-op and condo owners will pay 10.3-percent more.

The average co-op resident’s tax bill will go from $4,467 to $4,930 and condo owners from $6,422 to $6,874.

The new tax bills are being put in the mail Monday by the city Finance Department. Homeowners have until Jan. 1 to pay up, the same day the mayor and City Council are sworn in for new terms.

(Source: WCBSTV)

8 Responses

  1. if new yorkers do not pick up and leave i protest they are stupid mindless jerks who deserve what is coming to them.

    someone should also organize mass and public refusals to pay. enough is enough.

  2. This city is milking its residents to death. We are all fools for not standing up to this crazed mayor who never in his life had financial woes and accordingly isnt capable of understanding….

  3. I didn’t vote for this cruel ego-maniac. Although he was endorsed by almost all the rabbonim I couldn’t bring myself to vote for him. I just “stayed home” (didn’t vote at all).

  4. #2 “mythoughts” – Yes, I thought I just read that too! What’s going on here?!?
    Hey YWN editor: – can you get us info about that???
    Between HUSSEIN Obama’s love for Yidden, and the way NYC is bleeding us dry, I think HaSh-m is sending us a message… YEHUDIM, HaChutza!!!

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