New York City has not changed its real estate tax rate in years, but soaring property values are sending the dollar volume of the money collected skyward. One has to wonder how long before a property tax revolt takes hold in the city.
The accompanying chart tracks the past 10 years of property tax collections and the de Blasio administration's projections for the next four years. All are for the city's fiscal year that ends June 30.
Doesn't it say something that the most liberal mayor and City Council in the past 35 years have little interest in this issue?
24 comments:
The problem with liberals is they always run out of other people's
Money!!
Most people in bayside don't pay property taxes because the chinese and koreans move into their houses using "religious ties" or "business ties" so they go through tax loopholes where they pay little to no property taxes. The house across the street from me is used as a church in the evening and a "religious organization" owns that house, meanwhile people live in it. The church around the corner from me owns 4 row houses which I have just seen them listed for sale for 597k each! Thats 2.4 million dollars this "church" will be getting and paying not one dime of taxes on the sale of those houses!! Regular Working People (working poor which use to be known as the middle class) Can't Afford To Buy houses Anymore In nyc. The working poor has been sold out to foreigners who get tax breaks and the people who were lucky enough to own a house in nyc just end up footing the bill for all those tax breaks others get. Also, the people who rent are also paying for it but indirectly after all, you really think your rent is that high for no reason?
So by this logic, if eating out got more expensive the sales tax should be lowered; if hotel rooms went up that tax should be lowered?
There are circuit breakers in the system to dramatically slow any increase over the course of many years.
And most of the mega-rich and rich and wealthy who are buying new and re-habbed apartments/lofts in Manhattan are not paying their fair share due to tax abatements.
Properties worth millions are paying peanuts in R/E taxes and the rest of us suckers in the boroughs are subsidizing their already extravagant life styles.
"So by this logic, if eating out got more expensive the sales tax should be lowered; if hotel rooms went up that tax should be lowered?"
The cost of eating out hasn't gone up by the margins that property value has. There are people who haven't done a thing to there homes who are getting $100K-$150K increases on their assessments.
So by this logic, if eating out got more expensive the sales tax should be lowered; if hotel rooms went up that tax should be lowered?
No, but property tax is adjusted by property value. Not inflation. One has nothing to do with another.
It doesn't matter what you've "done" to your home; in fact, you may have let it degrade physically by simple failure to maintain, but the land value and building rights have driven up the market value of what you earned.
Really, I'm surprised at how sophomoric an analysis this is by Crains.
I've been posting this every time there is a tax article/blog. why are taxes being increased on neighborhoods like Bellerose/eastern queens, when a townhouse worth 4-6 million in Brooklyn pays taxes less than a 550k house in E. Queens!!!!!! look up the townhouse for sale on halsteads website in bed-stuy. 6 million bucks and taxes are less than any single fam home in e.queens. stop this craziness first.
About Clergy Tax exemptions:
This exemption provides a $1,500 property tax exemption on a property owned by a member of the clergy. Owners of co-ops are not eligible for the clergy exemption. If the clergy member is deceased, an unmarried surviving spouse can also get the exemption.
Requirements:
•Residency: The clergy member (or unmarried surviving spouse) must be a resident of New York State.
•Age: The clergy member must be over 70 years of age if retired.
•Occupation: If the clergy member is not retired, his or her main job must be working for the denomination s/he belongs to.
But if we try to gouge back at city hall, we wind up in jail or our property gets seized for non payment of taxes. Only criminal politicians can get away with that kind of gouging.
My lawyer is looking into placing my property into a tax exempt status by setting up a trust to own it with my living there until I no longer need it. I will let you know how it all works out.
The property values in the neighborhoods where this is happening have not increased by that much. That is the point. A 2-family house in Middle Village or a 1-family house in North Flushing have not seen $150,000 increase in their value in one year's period.
My advice is to stay put. Move to Nassau or Westchester County and find out what it really means to get hosed! My modest home would be assessed at about $15-18,000 a year instead of about the $5,000 annually like it is now. Then there comes the expensive commuting expenses, etc. Stil and all, I LOVE New York, especially its varied tax base.
Do not make blanket statements about Bayside and Asians who evade paying taxes. Look up each property on line and see if it is really tax exempt. Then post your data.
Of course we're getting gouged.
Someone has to pay for the boy mayor's socialist progressive agenda and it ain't those who are on the receiving end of his largesse.
And now asswipe councilman Antonio Reynoso, chairman of the council's sanitation committee, wants us to start charging us for garbage collection of refuse that is not recyclable.
Crying about tax's is racism
Tax's pay the benefits of the poor
Try living off the system for a year.
Exponential function would have these numbers increasing forever and forever. However, reality has a way of asserting itself.
Do not make blanket statements about Bayside and Asians who evade paying taxes. Look up each property on line and see if it is really tax exempt. Then post your data.
I already have looked it up. The "house"across the street from me is owned by a religious organization. You can see who owns the house through certain property websites. SO YES, my research is absolutely CORRECT!! Churches DO NOT PAY TAXES!!
If you want to keep property taxes in check work to keep property values in check - don't restrict the housing supply so much.
Building permits for 2-4 unit buildings are off 80-90% from ten years ago. That isn't helping the housing supply. 1 family and 5+ unit buildings are comparable to a decade ago for comparison. It's due to the contextual rezonings under bloomberg, and it is causing prices to skyrocket.
When the landlord who owns rental units is forced to pay higher property tax, the landlord of course passes the increase to the tenants.
raising taxes just makes me raise the rent. I live out of state and just collect the $$$$ from my tenants. only fools still live in NYC.
That is only one house...Baysider. I am well aware that churches...and other not for profit groups....do not pay taxes. Show me the total number of house-churches compared to residential uses. If they form a larger percentage than tax paying properties...then I will be glad to yield to your "expertise". So the house across the street from you that is tax exempt . Agreed. This is but one example. Show us the overwhelming numbers.
Poor Bayside pussies...never believing that Flushingization would ever reach their hallowed nabe. Go back to sleep and pull the blankets over your heads. You never stood with your adjacent neighborhood civics to stem the tide of ruining residential nabes. So now you stand alone. NIMBY....never in my back yard was your cry. This is...ahem....Bayside. Wrong! Look again! We must all hang together, lest we hang separately.
Repuglicans are oligarchs or wannabes. Better be preemptive and cut their funding at their knees.
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