From the NY Post:
New Yorkers are hitting the roof because of ballooning property-tax bills.
A near-record 52,123 city taxpayers are appealing their home assessments this year — close to a 4 percent jump from the 50,249 who questioned their bills last year, The Post has learned. Of that total, 8,249 received reductions.
The highest number of appeals the city Tax Commission has ever seen was 52,130 in 1998.
Tax officials attribute the jump to the frustrating combination of growing bills and plummeting profits in home sales.
Another reason is the difficulty in selling homes.
Because the city values condos and co-ops as rentals, not single-family homes, annual assessments are often higher than what homeowners think they should be. Assessments directly determine how much homeowners pay in taxes.
Another complication is that the city staggers tax-bill increases over a period of years, so a levy can go up while a home value decreases.
The commission is currently reviewing the appeals.