The Real Deal New York

City property taxes for residences set to jump in 2015

January 16, 2014 10:05AM

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.

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