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In the 2009 fiscal year, property taxes in New York City were about $14.4 billion, or about 41 percent of all city taxes. Based on a $4 billion deficit in 2012, annual property taxes would need to increase about 28% to cover the shortfall.
Since the property taxes on half million dollar house/condo in NYC is usually under $5,000 yr while the taxes on a half million dollar house or condo in most of Westchester,LI or NJ is over $10,000/yr (sometimes closer to 20,000 Yr) I guess a 28% increase would be a deal.
The taxes on Co Ops by the way is ridiculously,ridiculously low.Co op buildings in the city( I own one) should be assessed according to sales of units in the building rather than "as if rental buildings". My Co op building is assessed at around 2 Million but it has 120 apartments that are worth(regularly sell) for 200,000/ea .If the building were assessed at full value it would be over 20 million instead of 2 million.I mean how can a building with 120 200,000 units be worth only 2M ?As a result of this crazy code I pay like 987/yr in property tax.Guess that's why it's said that the vast majority of Wall Street people prefer CO OPs over condos.
I think a total revamping of the code and increase in property taxes is in order before any service cuts.The NYC property tax code is the other half of the problem that must be addressed with equal urgency.It's just not realistic the way it is.
I don't support any further increases to anything. The answer isn't to keep feeding the pig, because it will never be satiated and always demand more, which is the problem we are in. You cannot solve the problems (waste, abuses, and fraud) by just adding more money to mask the waste/abuse/fraud and keep it going...that "solution" is what is bankrupting the state and city and brought us to this point. Andrew Cuomo and his article got it right:
We need to FIX the problem, the entire system, and not just say "let's just raise taxes and/or cut service." The underlying problems are still there and not addressed, and we will be back in this position, only much worse, in no time flat.
Grant you have it right.
Please describe where you see waste abuse & fraud__________________
You bought it up not me. If your too ignorant Sobro to describe what you wrote than you should go back to school or don't talk about things you don't know.
The city treats coops and condos for assessment purposes as if they were rental housing. According to the city's January 2009 list of market values and assessments for coops and condos, the 375,797 coops in the city have an average market value of $105,000. In Manhattan, coops have an average market value of $172,759 and 152,680 condos an average market value of $120,981. These citywide and Manhattan values have no relationship to the real world -- even during a recession. To take only one example, an April 2, 2009 report in the New York Times noted that even with a 20.9 percent decline from a year ago, existing coops and condos in Manhattan were selling at an average of $732,000 per apartment, with new ones going for a much higher price, in the first quarter of calendar 2009.
"I think a total revamping of the code and increase in property taxes is in order before any service cuts." bluedog2
If things were fair, your apartment's property tax would rise 12x (building valued at $2,000,000 but worth $24,000,000) to around $12,000 a year from $1000 by your own valuation in your post above, even without considering an increase due to budget deficits.
Are you still in favor of property tax increases and a revaming of the code"?
Last edited by texan2yankee; 01-31-2011 at 04:31 PM..
I would gladly support an increase in real property taxes in NYC rather than further cuts to services. They ( NYC real estate taxes)are ridiculously low right now compared to all other municipalities in the region.
Forget it.
Why don't you and all of the other public union members mention that while the real estate taxes are relatively low - only because they are so insanely high in surrounding NY state counties - the income taxes and other broadly-based fees (er, taxes but we cannot call them that ) are so much higher?
NYC/S need to first look at how many thousands of people are working at 110 Livingston Street, and fire huge numbers of them. Along with large numbers of the over-300,000 plus public workers currently working for the city.
Second, the seniority rules MUST be eliminated, so that teachers are retained on MERIT.
Third, there are 120,000 less students in 2011 in the NYC school system than there were a few years back, so using this as an opportunity to weed out weaker performers would be ideal.
Fourth, if the city lays off large numbers of new teachers, good luck recruiting new ones in the future. What young person with half of a brain would willingly agree to come work as a teacher when they know they are likely to be canned the next time there is economic trouble?
"All American" I believe this thread and others on here dating back several years have provided substantial information about the waste/corruption/fraud, and the information is also readily available on every newspaper site and blog. So please educate yourself about it and don't waste everyone's time on here.
As for the specific topic, Bluedog I can tell you that I know several teachers in Westchester County and they could careless about the economic reality and deficit, they want what they "deserve" and if everyone needs to be taxed to infinity so that they are not inconvenienced, then so be it. I know that this is not your assertion or belief, but there is this attitude, and that is causing the backlash that we see.
I don't want any teachers laid off (except the bad ones!), but I don't see raising taxes, whether it be property taxes or sales tax, as the solution, as it doesn't solve the problem. Yes we need to fix the assessments, but the underlying problem is still not addressed. You are simply throwing more money at it and masking the problem...and it keeps growing and growing.
Sepretron's last statement is probably another reason why Bloomberg does not want this layoff to exclusively effect all new hires. Nobody will ever sign on as a teacher again!
What's wrong with you ?Why are your posts so nasty and aggressive ? Why do all of your posts seem to contain some element of personal denigration ?
You need to read the other thread on Public Union members, particularly the last 2 pages.
And when I read that someone who has something to gain from it suggest that I take food off of my family's table to pay for THEIR salary/perks, etc., it pisses me off.
How does someone on a teacher's salary manage to purchase a $2 MM building? Inheritance?
You need to read the other thread on Public Union members, particularly the last 2 pages.
And when I read that someone who has something to gain from it suggest that I take food off of my family's table to pay for THEIR salary/perks, etc., it pisses me off.
How does someone on a teacher's salary manage to purchase a $2 MM building? Inheritance?
Well,don't take your arguments with other posters on other threads and jump on everyone because you are not happy.
Do you think teachers should get paid nothing ? If there are going to be public schools (and other public services) ,your( and my) taxes are going to pay for the salaries.Sorry if it pisses you off but the abandonment of public education and other essential services is the only way we are not going to pay for it.Did you go to a public school ? Who paid for that ?
I don't own a building.I own an apartment in a building that is assessed at 2M by the city but is actually worth over 20 M in reality.
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) are so much higher?
What's wrong with you ?Why are your posts so nasty and aggressive ? Why do all of your posts seem to contain some element of personal denigration ?
