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They say inflation is down to around 3% but NYC raised my already high property taxes by 6%. No politician does anything about it or addresses tax inequality where million dollar properties in certain parts of the city get taxed much less than middle class homes worth well under a million dollars.
Do you feel that you are being overassessed? If so, why not contact the Finance Department?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
They say inflation is down to around 3% but NYC raised my already high property taxes by 6%. No politician does anything about it or addresses tax inequality where million dollar properties in certain parts of the city get taxed much less than middle class homes worth well under a million dollars.
Due to bizarre, byzantine and archaic way NYC property taxes work they nearly always lag behind current economic conditions.
Much of this stems from laws put into place from 1970's or 1980's which include annual caps.
Do you feel that you are being overassessed? If so, why not contact the Finance Department?
NYC property taxes are determined by a convoluted mathematical system with rules that lead to inequalities. Within those rules the taxes are computed correctly and not subject to challenge. There are inequalities when market value of homes in one area increase at a much higher rate than homes in another area. For example, if the market value of a home in a trendy area doubles in 5 years, the assessed value can only increase by 20%. A home in another area with much smaller value changes can also be increased by 20%. The system needs to be changed. You can only challenge the "effective market value" which for the most part is accurate. You can't challenge that your Queens home with an effective market value of $700,000 is paying twice the tax of a Brooklyn home with an effective market value of $1.25 million.
NYC property taxes are determined by a convoluted mathematical system with rules that lead to inequalities. Within those rules the taxes are computed correctly and not subject to challenge. There are inequalities when market value of homes in one area increase at a much higher rate than homes in another area. For example, if the market value of a home in a trendy area doubles in 5 years, the assessed value can only increase by 20%. A home in another area with much smaller value changes can also be increased by 20%. The system needs to be changed. You can only challenge the "effective market value" which for the most part is accurate. You can't challenge that your Queens home with an effective market value of $700,000 is paying twice the tax of a Brooklyn home with an effective market value of $1.25 million.
How much in property taxes do you think you should be paying?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
unlike long island and most of the state , nyc has an income tax ….so real estate taxes should be a fraction of most other localities
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