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"Staten Island and the Bronx have the city’s highest effective property tax rates — even though homes there are worth far less than those in Manhattan."
"Staten Island and the Bronx have the city’s highest effective property tax rates — even though homes there are worth far less than those in Manhattan."
But a home valued at 200k should not be charged tbe same as a home wortb 500k. Would you want to pay insurance for a car wortb 5000 and bave a person witb a 100k paying tbe same rate as you ?
The underpayment of property taxes by the wealthy in Manhattan, even those brownstones in Brooklyn, is well known. The poorer homeowners shoulder the burden. Its been going on for decades, no-one is doing zilch (apart from that one group that is trying to sue the city to address the inequity).
But a home valued at 200k should not be charged tbe same as a home wortb 500k. Would you want to pay insurance for a car wortb 5000 and bave a person witb a 100k paying tbe same rate as you ?
They are not. They are calculating based on % of home value, not the actual $ amount paid in taxes. And the reason is in the article - some neighborhoods, particularly in Manhattan and Brooklyn, had home values rise faster than allowable tax assessment increases (remember, NYC wanted to have caps on allowable yearly increases in rent). If the Bronx would get gentrified at the same rate as Brooklyn, they would be paying relatively lower taxes as well. Both Staten Island and the Bronx do not see much gentrification relative to the other boroughs.
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