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Mr. Scott Stringer wants to be the next mayor of NYC so badly he can taste it, this shows with the never ending litany of reports coming out of comptroller's office.
From linked NY Post article above:
" In 2005, homeowners making less than $50,000 paid an average property tax of $1,940. By 2016, they were shelling out $3,849 — while median salaries for the group stayed relatively flat at just under $33,000 per year.
Higher-earning families also had nothing to cheer about.
Those making between $50,000 and $100,000 annually devoted 3.4 percent of their earnings to property taxes in 2005 and 5.4 percent by 2016.
The tax burden on households in the $100,000- to $250,000-a-year bracket had less to complain about, with the portion of their paychecks that went to property taxes rising from 2.4 percent to 3.7 percent."
People are moaning about paying $4k a year in property taxes should move their happy behinds to parts of New Jersey, Westchester, Connecticut, and or Long Island and see how things could be far worse.
Single and two family homeowners pay the least amount of property taxes in the city. First are commercial properties (which includes rentals), then come condo and co-ops (which in the bizarre NY RE tax code are treated as rentals).
What Mr. Stringer didn't bother to mention and or go into with detail is that property tax rates aren't going up; but assessed values. This is a good thing because your home is worth *more*, which is something any property owner should want to happen. Indeed if it doesn't many are going to be in a world of hurt when trying to sell.
And how is the burden of property taxes going to be abated when the city is intent on expanding it's array of social programs? One solution would be to build more market rate housing so as to 1) share the burden and 2) introduce more high income residents able to pay into the system.
Mr. Scott Stringer wants to be the next mayor of NYC so badly he can taste it, this shows with the never ending litany of reports coming out of comptroller's office.
From linked NY Post article above:
" In 2005, homeowners making less than $50,000 paid an average property tax of $1,940. By 2016, they were shelling out $3,849 — while median salaries for the group stayed relatively flat at just under $33,000 per year.
Higher-earning families also had nothing to cheer about.
Those making between $50,000 and $100,000 annually devoted 3.4 percent of their earnings to property taxes in 2005 and 5.4 percent by 2016.
The tax burden on households in the $100,000- to $250,000-a-year bracket had less to complain about, with the portion of their paychecks that went to property taxes rising from 2.4 percent to 3.7 percent."
People are moaning about paying $4k a year in property taxes should move their happy behinds to parts of New Jersey, Westchester, Connecticut, and or Long Island and see how things could be far worse.
Single and two family homeowners pay the least amount of property taxes in the city. First are commercial properties (which includes rentals), then come condo and co-ops (which in the bizarre NY RE tax code are treated as rentals).
What Mr. Stringer didn't bother to mention and or go into with detail is that property tax rates aren't going up; but assessed values. This is a good thing because your home is worth *more*, which is something any property owner should want to happen. Indeed if it doesn't many are going to be in a world of hurt when trying to sell.
I feel like the gap might close some day, NYC property taxes are already rising. One day at might be "you should be happy with your measly 10k per year tax bill because people in Westchester pay more"
I feel like the gap might close some day, NYC property taxes are already rising. One day at might be "you should be happy with your measly 10k per year tax bill because people in Westchester pay more"
NYC property tax rates on single and two family homes will never reach levels of suburbs; the liberals/democrats/SJWs who run this place cannot (and will not) allow it to happen.
First and foremost it would chase much of what is left of middle class out of the city. These people cannot afford (or so they say) to pay more than they are now; which is rather low by area standards.
Other issue is a good part of this so called "middle class" NYC homeowners are civil servants; teachers, NYPD, FDNY, DSNY, Corrections, etc.... They already feel are underpaid and if COL continues to rise city will have to fork over more money.
Finally remember NYC imposes property taxes on top of an income and other taxes. People are already fleeing New York state and city because making that move drops a huge hit on their income.
Mr. Scott Stringer wants to be the next mayor of NYC so badly he can taste it, this shows with the never ending litany of reports coming out of comptroller's office.
From linked NY Post article above:
" In 2005, homeowners making less than $50,000 paid an average property tax of $1,940. By 2016, they were shelling out $3,849 — while median salaries for the group stayed relatively flat at just under $33,000 per year.
Higher-earning families also had nothing to cheer about.
Those making between $50,000 and $100,000 annually devoted 3.4 percent of their earnings to property taxes in 2005 and 5.4 percent by 2016.
The tax burden on households in the $100,000- to $250,000-a-year bracket had less to complain about, with the portion of their paychecks that went to property taxes rising from 2.4 percent to 3.7 percent."
People are moaning about paying $4k a year in property taxes should move their happy behinds to parts of New Jersey, Westchester, Connecticut, and or Long Island and see how things could be far worse.
Single and two family homeowners pay the least amount of property taxes in the city. First are commercial properties (which includes rentals), then come condo and co-ops (which in the bizarre NY RE tax code are treated as rentals).
What Mr. Stringer didn't bother to mention and or go into with detail is that property tax rates aren't going up; but assessed values. This is a good thing because your home is worth *more*, which is something any property owner should want to happen. Indeed if it doesn't many are going to be in a world of hurt when trying to sell.
Yea, it's misleading. They should clearly say it's the rate. The actual comptroller's report refers to that, but NY Post's article does not. Obviously it's a better story that way.
The larger issue is how property values are assessed for tax purposes. The purchase price of a home does not reset the assessed property value for taxes to that value. It's how you can have homes that were purchased for far greater sums than what they are assessed for in terms of taxes. That **** is bonkers and that's really what should be addressed.
Yes, those are closely related issues—it’s basically the property value assessment for taxes is incredibly convoluted. A much more direct value based primarily on last transactional value with a time gradient is the most direct and sensible rather than the ridiculous scheme that’s used now. Now a wholesale change now is incredibly disruptive, but a phased implementation can be sensibly done.
I feel like the gap might close some day, NYC property taxes are already rising. One day at might be "you should be happy with your measly 10k per year tax bill because people in Westchester pay more"
That's what I fear. They've been going up fast.
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