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New York

City property taxes for residences set to jump in 2015

New York City’s property taxes are set for another increase, after the market value of the city’s 1,053,949 properties jumped 6.6 percent to $914.8 billion, according to preliminary assessments released Wednesday by the Department of Finance.

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Once the final assessments for the 2015 fiscal year are released in July, single-family homeowners are expected to see a 3.8 percent hike – an average increase of $168, bringing the average total to $4,598 per year. Co-op owners will see a jump of 5.5 percent – an average increase of $329, to a total of $6,247 – while condo owners will be hardest hit with a 7.4 percent hike, representing an average increase of $552 to an average annual bill of $7,987.

Single-family homeowners have until March 17 to challenge their assessments, the New York Post reported, while co-op and condo owners have until March 3. [NYP] – Hiten Samtani

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Department Of FinanceTaxes