Property tax bills to rise

Property tax bills will rise this year for many New York City homeowners, according to the state Financial Control Board. Tax rates for apartment buildings will increase 1.4 percent and tax rates for homes are expected to go up 1.8 percent. But commercial property tax rates will drop 1.8 percent. Even though the market value of city real estate has fallen this year, assessed home values are still rising because of the real estate boom, state Controller Thomas DiNapoli said.