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We own a one-family house. THE CITY OF NEW YORK DEPT. OF FINANCE assessed the market value of our house last year to $1 million. This year, the market value dropped to $800,000, but the TAXES went up. How can this be possible? We figured that if they lowered the market value, our taxes will be less, not more. Also, does it mean that if we were to sell this house, the most we can get for it is $800,000? The house is in an excellent neighborhood and top location. Thanking you in advance,
We own a one-family house. THE CITY OF NEW YORK DEPT. OF FINANCE assessed the market value of our house last year to $1 million. This year, the market value dropped to $800,000, but the TAXES went up. How can this be possible? We figured that if they lowered the market value, our taxes will be less, not more. Also, does it mean that if we were to sell this house, the most we can get for it is $800,000? The house is in an excellent neighborhood and top location. Thanking you in advance,
did the assessed value go down as well, or just market value?
did the assessed value go down as well, or just market value?
I am going to look for my records and I will let you know. thanks,
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