From the NY Post:
The Finance Department late yesterday very quietly issued its tentative assessment roll for fiscal 2010, showing that the overall value of all city properties has declined 1.2 percent, from $811 billion to $801 billion.
The market value of one-family homes fell much more sharply, nearly 7 percent.
But, difficult as it may be to believe, taxes on those properties are going up $265, from an average of $3,218 a year to $3,483.
That's because the state limits annual increases on small homes to 6 percent, or 20 percent over five years.
That's good news when values are soaring and the tax bills are capped.
It's bad news when values drop after a boom and there are hefty carryovers from previous years that have to be calculated into the complex formula.
A PAIN IN THE ASSESS