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If my real estate taxes ever come close to those of the upstate suburbs, I'd put my home on the market immediately. Why pay the same taxes as the suburbs for the "privilege" of sending my kids to crappy city schools or paying for private schools when I can move upstate to a good school district with similar taxes?
This article makes some good points but stating that renters are paying more in property taxes than owners strips it of any credibility. Renters don't pay property taxes, period. Renters are either subsidized by city taxes or pay what the market supports. A building in woodside may pay a higher percentage of taxes than a brownstone in Park Slope, but renters still only pay what the market supports. If the apartment building taxes went up even further, rents will not go up any further than what the market supports. It's simple supply and demand. If anything, the victims here are the owners of said property owners, not the renters.
The NYC property tax system needs a serious overhaul. It's ridiculous that a multi-million home in Park Slope pays less in taxes than a home worths not even a quarter as much in Elmhurst. But by making senile and outrageous statements such as this, you only hurt the movement's credibility.
The premise of the underlying thread is wrong. Apartments in four or more unit buildings are all taxed based upon a formula based off some (wildly inaccurate) equivalent rental value. Taxes on three or less family buildings are calculated based upon some (even more inaccurate) market value, and they pay way less taxes comparatively and this always has been the case in NYC. Annual increases on three or less family dwellings also are capped at lower rates than condos or coops. Likewise, at least in Manhattan, coops are vastly undertaxed compared to condos, for a whole variety of inept and inexplicable reasons.
But, in any event, calculating how much of a rent payment theoretically goes to cover taxes on the unit is meaningless. The rent on a rent stabilized Manhattan apartment may not even cover the taxes.
You and everyone else..and you would lose a fortune on your sale since everyone else will be trying to sell for all the same reasons.
I'd have to deal with it because at that point, the kids and their education would be more important than money. Besides, I want to leave anyway. That would be the final straw.
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