Owners of single family houses on average pay less than on other properties in taxes. Class 1 real estate - 1,2,3 family homes and some small condos/co-ops - represents 54% of citywide market value, but pays only 15% of property taxes.
If you live in a single family home your property tax increase is capped at 20% over five years. If your building has nine units it's capped at 30% over five years. Any bigger and whatever increase in property value there is is phased in over five years, no cap.
The property tax system in NYC is deeply unfair, this video barely scratches the surface.
4 comments:
Simply raise the property tax so anyone with a job moves out then when the new democratic voters move in you subsidize it,Problem Solved!!!
new residents can be forced to pay much more in property tax than the old residents they replace.
Actually its seems as if the long term residents are paying more - the communities that have a lot of turnover are paying at a lower percentage.
Owners of single family houses on average pay less than on other properties in taxes. Class 1 real estate - 1,2,3 family homes and some small condos/co-ops - represents 54% of citywide market value, but pays only 15% of property taxes.
http://www.manhattan-institute.org/email/crd_newsletter04-09.html
If you live in a single family home your property tax increase is capped at 20% over five years. If your building has nine units it's capped at 30% over five years. Any bigger and whatever increase in property value there is is phased in over five years, no cap.
The property tax system in NYC is deeply unfair, this video barely scratches the surface.
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