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Excuse me if this is a dumb question. It had seemed to me that property tax sky-rocketed after 9/11, and I was under the impression that it was due to Bloomberg. I hadn't given it much thought until it became disastrous for co-ops, but then I also started realizing how it affects everything, including prices of items in stores.
So I was startled to hear something about Cuomo planning to bring down property taxes. Have I been blaming the wrong person all these years?
Excuse me if this is a dumb question. It had seemed to me that property tax sky-rocketed after 9/11, and I was under the impression that it was due to Bloomberg. I hadn't given it much thought until it became disastrous for co-ops, but then I also started realizing how it affects everything, including prices of items in stores.
So I was startled to hear something about Cuomo planning to bring down property taxes. Have I been blaming the wrong person all these years?
You'll have to be more specific as your question is too broad.
I'm not sure I'm able to be more specific. I'm in a co-op and the tax burden spiked after Bloomberg took office. I assumed that the city (or county) determined property taxes, so I was startled when it was mentioned in terms of the governor.
I'm in a co-op and my property taxes didn't rise much. Can you give details of what percent rise in the taxes you saw?
No - no idea. But whenever we have an annual meeting, that's where the discussion goes at some point, apropos of assessments and maintenance increases. I think it was pretty widely acknowledged that property taxes went up markedly after 9/11.
Excuse me if this is a dumb question. It had seemed to me that property tax sky-rocketed after 9/11, and I was under the impression that it was due to Bloomberg. I hadn't given it much thought until it became disastrous for co-ops, but then I also started realizing how it affects everything, including prices of items in stores.
So I was startled to hear something about Cuomo planning to bring down property taxes. Have I been blaming the wrong person all these years?
Your property taxes go towards paying the labor unions in NYC. So you should be very concerned whenever these labor unions start demanding pay raises and more benefits because that would require raising your taxes to make up the short fall.
In NYC property taxes are calculated based on the type of building, it's assessed value, and it's market value. Buildings are classified into four different classes, and the property tax percentage varies based on the class.
The presentation shows the largest portion of property tax coming from buildings (including mine) classified as class 2. This Daily News article New York's tax attack*on co-ops and condos* - NY Daily News discusses this. One portion says "Yet while the city assesses and taxes one- to three-family homes at a maximum of 6% of its market value with annual increases capped at 6% per year, the assessed value of a co-op or condo is generally 45% of its market value, and increases can be as high as 20% per year." Hmmm... I haven't noticed any major increases so I wonder if it just happens whether or not the city has yet gotten around to reassessing the value. I'm sure the market value in most neighborhoods has risen over the past several years.
Property taxes come from the paychecks of property owners.
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