Real estate values soaring — and so are property taxes

New York City homeowners will pay substantially more in property taxes in 2015 thanks to increasing property values. According to a tentative assessment by the Department of Finance, the market value of the city’s one million or so properties jumped 9 percent to $988.3 billion.

That’s an even bigger increase than last year’s 6.6 percent. The average property tax increase for single-family homeowners will be $228, the New York Post reported.

Because condo and co-op values increased 10.86 percent — and these properties are assessed at even higher rates — they will see even more extreme tax increases. The average co-op property tax bill in the city will go up by $448, while condo owners’ bills will increase by $838.

In Manhattan, co-op bills will go up an average of $817 while condos will increase by $1,150. The biggest tax hike goes to Manhattan single family townhouses, which will hand over an average of $2,131 more this year.

Homeowners have until March 16 to challenge assessments, which will be finalized in May. [NYP] — Tess Hofmann