From Patch:State Sen. Tony Avella, D-Bayside, has introduced a bill that would prohibit the city from increasing property taxes on homes where an assessed value has decreased in the previous year.
The senator said property owners in his northeast Queens district have been subject to huge property tax increases during the past decade as a result of the housing boom.
But as the housing market dropped substantially due to the recession that began in 2008, property values have yet to recover from these declines. However, the city continues to increase property taxes with no regard to property values that have declined and not recovered, Avella said.
Under Avella’s legislation, the city would not be allowed to increase property taxes on homes where assessed values had gone down during the previous year.
8 comments:
Just in Time tony! Since we're on the uptrend now and generally economic cycles last 10 years, we'll be waiting that long for this bill to have any impact. The case shiller home price index has been rising for the last 6 months with predictions of no declines in the future.
Apparently some of our politicos DO have common sense. Vote AVELLA!
So WHO will determine the assessed value of our properties...whether their values have gone up or down...New York City?
They'll wind up screwing us anyway!
And how do we FIGHT their determination...by hiring our own real estate assessors?
A $1,800,000+ home was just sold on 35th Ave.
It's said that Buddhist monks will be living in it.
That means it's a not for profit property...that it's been REMOVED from NYC's tax rolls. Now I HAVE TO make up the shortfall?
Tell you what...I'm going to DONATE my property to a not for profit with the proviso that me and my family can live in it until our demise. OR...I'll set up a not for profit religious study center.
There ya go! Fuck reverse mortgages! I can learn to screw City Hall too!
A $1,800,000+ home was just sold on 35th Ave.
It's said that Buddhist monks will be living in it.
I'd be shocked if any house on 35th Ave. was worth $1.8 million. Would like to know more details about that. Maybe Bayside Ave?
35TH Avenue and?
RE: A $1,800,000+ home was just sold on 35th Ave.
It's said that Buddhist monks will be living in it
It's not that simple, Tony. Or are you suggesting taxes be based on market value, rather than transitional assessed value? so, a 750,000 home, now with a taxable AV of 32,000, would have a taxable AV of 750.0? Oi vae.
It's not that simple, Tony. Or are you suggesting taxes be based on market value, rather than transitional assessed value? so, a 750,000 home, now with a taxable AV of 32,000, would have a taxable AV of 750.0? Oi vae.
It IS that simple. If a house was valued at $800,000 and its value drops to $400,000, your assessed value and taxes should NOT go up.
Uh..FYI:
That $1,800,000+ luxurious vintage Tudor style home IS INDEED...located on 35th Avenue in NORTH BROADWAY...you dumb ass!
It sold for nearly that a few years ago.
You don't know from shit from Shinola!
Obviously, you don't live anywhere near here.
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