The Real Deal New York

Posts Tagged ‘property taxes’

  • property-tax

    The city’s property tax rates may have decreased, but don’t be fooled: Many New York City homeowners will still pay more in taxes this year.

    This year, the city’s tax rate will decrease for one- two- and three-family homes, as well as for co-ops, condominiums, and rentals. In fact, commercial and industrial property are the only classes that will see their tax rate rise — by approximately 3.5 percent — for the 2014 fiscal year, Capital New York reported. [more]

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  • John Catsimatidis

    John Catsimatidis

    Despite news that billionaire Warren Buffett’s is investing in New York City real estate, the industry is still held down by unaffordably high rents and rising property taxes, according to John Catsimatidis, the top gun at development firm Red Apple Group and a former mayoral candidate. Click here to see the video.

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  • carol-kellerman

    Carol Kellermann

    Revamping property taxes could produce $4 billion in funds, according to business-supported watchdog group Citizens Budget Commission.

    Mayor Bill de Blasio’s plan to increase income taxes to help fund after-school and pre-kindergarten programs is slated to raise $530 million. But Citizens Budget Commission said that the city’s take could be up to eight times that — if the mayor targets the wealthiest residents. Nearly 50 percent of all property value in the city is tied to owners of one- and multi-family homes who pay 15 percent of the $21 billion in yearly taxes, the commission told Bloomberg News. [more]

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  • de-blasio-taxes

    442 11th Street and Mayor Bill de Blasio

    Mayor Bill de Blasio has yet to register his two-unit rental property in Park Slope with the Department of Housing Preservation and Development.

    The $1.1 million townhouse is located on 11th Street, just down the block from hizzoner’s primary residence. De Blasio acquired it for $612,500 about 10 years ago. He has failed to properly disclose tens of thousands of dollars in annual rental income for the property, as previously reported. [more]

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  • De Blasio: No property tax increase

    February 05, 2014 12:10PM
    Bill de Blasio

    Bill de Blasio

    Mayor Bill de Blasio will not recommend an increase to New York City’s property tax rate in next week’s 2015 fiscal budget proposal, making good on a campaign promise he made last year.

    “We have no plans for a property tax increase,” de Blasio told reporters outside City Hall yesterday. Preliminary Department of Finance figures released last month, however, indicate that tax assessments are slated to rise by 8 percent in July, exceeding the city’s projections and representing the largest jump in tax assessments since June 2008. [more]

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  • de-blasio-taxes

    442 11th Street in Park Slope and Mayor de Blasio

    Mayor Bill de Blasio’s Park Slope townhouse doubled in value over the last eight years — while Mayor Michael Bloomberg was in office — according to tentative assessment rolls from the city’s Finance Department released this week.

    His single-family home on 11th Street in Brooklyn was worth $674,600 during the 2006-2007 fiscal year. Its value has ballooned to $1.4 million in the 2014-2015 fiscal year valuation, also a 19 percent increase from $1.18 million last year. Throughout the Brooklyn neighborhood, the median property value rose 17 percent year-over-year. The year-over-year average for Brooklyn overall was a 7 percent climb. [more]

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  • From the January issue: Mayor Bill de Blasio’s campaign pledge to pay for universal pre-school by hiking income taxes on the wealthiest New Yorkers is likely to come up against election-year politics, with Gov. Andrew Cuomo and the entire state legislature on the 2014 ballot. But unlike income taxes controlled by Albany, de Blasio has a bigger say on other levies — particularly those imposed on real estate. [more]

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  • Manhattan_Condo_Prices_Rising

    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.

    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. [more]

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  • From left: East New York, Park Slope

    From left: East New York, Park Slope

    Homeowners in upscale neighborhoods such as Brooklyn Heights and the Upper East Side Side often pay less in property taxes than their counterparts in not-so-affluent areas such as East New York and Canarsie, a new review by the Independent Budget Office shows. [more]

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  • Borin-530-1150-Biltmore-Steinberg

    From left: Glenn Borin, 530 Broadway, 1150 Fifth Ave., 271 W. 47th St., Richard Steinberg (Building photos: PropertyShark)

    Four of Manhattan’s biggest landlords are so dissatisfied with their property tax bills that they petitioned the court in the first week of the annual appeals season for a reduction — and will be joined by thousands of other owners in the next month. [more]

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  • Though New York City has lost tax revenue from the securities industry, property owners and hotels are picking up the slack when it comes to filling the city’s coffers, the Wall Street Journal reported, citing a study by Eastern Consolidated. [more]

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  • Peter Hauspurg

    One would expect that in a down market, when property values are on the decline, the city’s collection of corresponding taxes would fall as well. However, a report from Eastern Consolidated shows that the volume of real property taxes in New York City increased every year from 2005 to 2012, regardless of market conditions, Real Estate Weekly reported. For example, property tax collections increased 17 percent between 2009 and 2011, even as the market value for citywide properties fell, the report says.

    Eastern Consolidated pegged this development to an expansion of the tax base, as the city added new properties, among other reasons. [more]

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  • Bruce Ratner and Barclays Center

    Developer Forest City Ratner is arguing in court that the city overvalued Barclays Center by more than $600 million, DNA Info reported. Late last month, the developer’s subsidiary, Brooklyn Events Center, went to Brooklyn state court to fight the city’s $741 million property tax appraisal of the music venue and home to the Nets basketball team.

    Bruce Ratner is arguing that the venue is worth only $111 million. However, his motive for fighting the appraisal remains uncertain, since the developer has arranged with the city not to pay property taxes and the project was partially publicly funded. [more]

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  • While the city has not raised real estate taxes in more than a decade, a convoluted appraisal process has allowed the city to effectively raise taxes — and city officials have gone to great lengths to ensure that the revenue stream from real estate taxes stays steady, the New York Observer reported.

    The fact that property taxes never waned, even in depths of the recession, is evidence that “the city has come to treat real estate as a golden goose for revenue,” analysts told the Observer. “We had four years of falling prices, but real estate tax collections never fell,” said Robert Knakal, a chairman at Massey Knakal Realty Services. “How does that even work?” [more]

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  • London taxes steer luxury buyers to NYC

    August 03, 2012 08:30AM

    Pricey apartments at One Hyde Park in London

    A new tax policy instituted in London could bolster the market for trophy apartments in New York City, according to the New York Times. Transaction taxes in London are already double what they are in the city for homes worth more than £2 million ($3.1 million), and in March the British government increased the “stamp duty” on properties bought for more than £2 million to 7 percent from 5 percent. In a move meant to discourage tax avoidance, the “stamp duty” tax for offshore corporations making such purchases increased all the way to 15 percent. [more]

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  • Governor Andrew Cuomo

    Governor Andrew Cuomo assured voters that he and lawmakers in Albany will work to extend a tax break that stands to impact many co-op and condominium owners in New York City. When lawmakers return to the capital for a special session, probably after the November election, they will vote on a change to keep existing tax abatements  in place.

    Under the tentative agreement, lawmakers would increase tax breaks for condo and co-op owners, but would phase out breaks for those owners whose condos or co-ops are not their primary residences, the Times said. [more]

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  • Mayor Bloomberg

    Mayor Michael Bloomberg’s efforts to revise the long-standing tax abatement afforded to condominium and co-op owners in the city is meeting fierce resistance in Albany, Crain’s reported. The State Assembly is resistant to altering the law and appears set to renew the current 17.5 percent tax break through 2016.

    The law was first put into place 16 years ago as a stopgap solution for an inequity between tax rates for homeowners and for apartment owners. But it’s endured through four renewals, and costs the city about $462 annually, according to Crain’s. About $260 million of the abatement goes to apartment owners whose tax burdens are now less than they would be had they been taxed like typical homeowners. [more]

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  • Eva Talel

    City officials have sponsored a bill that would restrict the 17.5 percent tax abatement awarded to owners of condominium and co-op units and abolish it altogether for people who aren’t primary users, NY1 reported. The tax abatement, which is about to expire, works to offset a tax law disparity that charges a higher rate for co-op and condo units than it does for single-family homes. Eva Talel, a Stroock attorney who specializes in co-ops and condos, told NY1 that the abatement is likely to be extended at least for the remainder of the year. [more]

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  • From left: Jon Bon Jovi, Bruce Springsteen and New Jersey farmland

    New legislation approved by the State Senate raises the minimum income land owners must generate from farmland to qualify for highly discounted property taxes, the New York Times reported. Farmers now need to generate $1,000 annually selling products from the first five acres, and an extra $5 for each additional acre, to qualify for exemptions that sometimes reach as high as 98 percent. [more]

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  • New Yorkers are getting sick of their growing tax bills.

    According to WNYC, property taxes have doubled in the decade since Mayor Michael Bloomberg took office, and more city homeowners are appealing their bills than in years past. In Manhattan, for example, the average property tax levied could increase by as much as $1,600 next year. [more]

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