Steep property tax hikes to hit co-ops, condos

New York /
Jan.January 17, 2011 09:52 AM

New York City homeowners are slated to see their property taxes increase sharply next year, and owners of condominium and co-op apartments will likely be hit hardest, according to the Bloomberg Administration’s preliminary assessment roll, released Friday. The Wall Street Journal reported that taxes on condos are expected to increase by 9.6 percent, or an average of $490, while co-op taxes would rise by 7.5 percent, or $384. Single-family homeowners will see a 2.8 percent, or $107, tax hike. In Manhattan, that means average tax increases of $970 to $11,348 for condos and $594 to $9,351 for co-ops. Renters may also bear some of the burden, as their landlords are set to get hit with 8 to 9 percent tax increases, which will inevitably trickle down to tenant charges. Meanwhile, office landlords are set to see 7.25 percent tax increases, and overall, the city is expected to bring in an additional $900 million in revenue as a result of the new tax assessments. Michael Slattery of the Real Estate Board of New York said he plans to consult with property owners about the increases. “Some of the numbers look high, surprisingly so,” he said. “I can’t believe the market went up that much.” [WSJ]


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