Saturday, July 25, 2009
Property taxes take a hike
Property tax bills expected to rise for many New York homeowners
BY Adam Lisberg
DAILY NEWS STAFF WRITER
Many city homeowners will see their property tax bills rise this year, as they pay for a rising share of the city's budget, two new reports said Wednesday.
Homeowners can expect tax rates to rise 1.8% and apartment building rates will rise 1.4%, while commercial property tax rates will fall 1.8%, the state Financial Control Board said.
The changes come from an annual rate reclassification, but the impact on individual homeowners will depend on the assessed value of their homes, city officials said.
"It's case by case," said city Finance Department spokesman Owen Stone. "Whatever your assessed value is, you're going to be taxed at the new rate."
The market value of city property will fall 1.2% this year, but assessed values will rise 6.7% because of pentup hikes from the real estate boom earlier in the decade, state Controller Thomas DiNapoli announced yesterday.
Because of Mayor Bloomberg's decision to rescind the $400 property tax rebate and raise property taxes 7% at the beginning of the year, more than 45% of the city's tax collections will come from property taxes this year - the highest percentage since 1992.