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Mayor De Blasio has $3m+ value in property located in a relatively desirable location. He earned 100k in rental income but only paid just a fraction above 1% of what a typical queens single home owners pay for their property taxes. Despite the fact that the homeowners property value is no where near $1m in value.
For example, his property in Brooklyn, park slope is worth $1.9m but for that property he only owes $4k. Whereas if you go to queens for example, a value of 600k they pay close to $5k or even higher.
Based on my understanding, the market value doesn't determine the tax owe but rather the assessed value. But still....? Am I missing something? I could be totally uninformed and wrong about this.
Based on my understanding, the market value doesn't determine the tax owe but rather the assessed value. But still....? Am I missing something? I could be totally uninformed and wrong about this.
There is a law that capped increases of home assessment value at 6% a year, under the guise of helping seniors/working class afford to stay in their homes. What actually happened is that rapidly increasing areas such as Williamsburg, De Blasio's Park Slope, Brooklyn Heights, etc had homes that were rising in values faster than the assessment cap. So you can have a $20 million house in Greenwich Village paying less property tax than a $500K townhouse in Bed-Stuy. Its just another example of bleeding heart libs messing around with the real estate markets that are completely screwed up in NYC. If you own property in the Bronx, SI, south Brooklyn, or most of Queens you should be getting screwed hard by this law, especially if you are renting in the multi-unit dwellings, as those apartment buildings are getting completely crushed by taxes right now. Areas like Wash Heights with lots of multifamily are getting crazy tax increases. This will rear its ugly head later down the line, years after BdB will leave office.
No one will fix it in the short term either, because the Democratic elites like De Blasio live in these low-assessment neighborhoods and do not pay their fair share in taxes.
Hmm, I don't know why Queens property taxes seem to be so much per some of the posts here. The assessed value of my parent's property is north of $600k (market value is much, much higher) and they don't pay anywhere close to that in property taxes. But then again my father knows every trick of the trade in getting that down (there are several programs, etc., out there I think to help lower property taxes).
Hmm, I don't know why Queens property taxes seem to be so much per some of the posts here. The assessed value of my parent's property is north of $600k (market value is much, much higher) and they don't pay anywhere close to that in property taxes. But then again my father knows every trick of the trade in getting that down (there are several programs, etc., out there I think to help lower property taxes).
i heard from my neighbor that if you are over 65 and made less than 50k a year you get 50% off your property tax.
i heard from my neighbor that if you are over 65 and made less than 50k a year you get 50% off your property tax.
I've heard of income and age related property tax deductions, too. That's definitely not the case for my parents, though : I'm genuinely confused about the state of property taxes in NYC. Time to do some research I guess
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I'm genuinely confused about the state of property taxes in NYC. Time to do some research I guess 
