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They need tax revenue my friend. Your property taxes will keep on going up and there's not much you can do about it barring large cuts in the City budget.
Since my parents bought their property in 1998, their property taxes have risen over 100%. Inflation has run about 37% over those same years. You can see the trend.
LOL,check around and see what the taxes would be on same value house in NJ,Westchester or Long Island.
NYC property taxes are ridiculously low in comparison.
AMEN to that bluedog. Why so many NYC homeowners don't grasp that concept is beyond me. I did Hudson County for years and the property taxes were extortionate even for tar-paper shacks.
There is no cap on property taxes, and mine have gone up substantially every year. I am about $2,000 per year..and climbing. Trying to hold rent fixed when taxes, insurance, water/sewer, and utilities, nevermind the ongoing repairs/maintenance, are going up dramatically is impossible. It's a tough situation, however for the past 5 years I have held rents flat for all of my tenants...but not sure for how much longer.
There is no cap on property taxes, and mine have gone up substantially every year. I am about $2,000 per year..and climbing. Trying to hold rent fixed when taxes, insurance, water/sewer, and utilities, nevermind the ongoing repairs/maintenance, are going up dramatically is impossible. It's a tough situation, however for the past 5 years I have held rents flat for all of my tenants...but not sure for how much longer.
For a multi-family building, that's pretty reasonable. Imagine what your building's property taxes would be on LI.
AMEN to that bluedog. Why so many NYC homeowners don't grasp that concept is beyond me. I did Hudson County for years and the property taxes were extortionate even for tar-paper shacks.
If you are an income-earner you have to add in NYC resident income tax, the city funds certain things with that which are funded by property taxes elsewhere.
If you're a high-earner, NYC income tax is a chunk.
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