New maps visualize disparity between assessed and market property values along Central Park

The study found that just one sliver of Manhattan was undervalued by $5.2 billion

New York /
Jul.July 23, 2016 03:00 PM

The city loses billions of dollars in taxes because flaws in the way property values are assessed. In many cases it is the billionaires themselves that benefit from these flaws. Now SITU Studio has created stunning visual representations of those inequalities.

SITU Studio’s exhibit at Storefront for Art and Architecture in Soho is using the buildings along Central Park to point out how the city’s property tax structure assigns higher real property taxes to renters than it does to the owners of trophy condos on Billionaires’ Row, according to 6sqft. That inefficiency costs the city millions in tax dollars every year.

SITU used acrylic bands to show the disparity between the taxed value of these properties and their real market value.

“The most valuable rental buildings in Manhattan are valued by the Department of Taxation and Finance at well under $500 per square foot. The market has seen luxury condo sales typically made at a much higher expense per square foot—often in the $4,500 range,” the study says.

The relies on data from New York University’s Furman Center for Real Estate, a 2015 report by CityLab, and Max Galka’s visualizations of property-tax undervaluation shown in charts at Metrocosm.

According to the project, the greatest disparities are found between Central Park West and Park Avenue. The undervaluation of the properties in this sliver of Manhattan alone comes to a $5.2 billion, according to 6sqft. [6sqft]Christopher Cameron


Related Articles

arrow_forward_ios
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Regeneron CEO Leonard Schleifer and 777 Old Saw Mill River Road in Tarrytown (Getty, Jim.henderson/Wikimedia)
Biotech firm Regeneron plans $1.8B expansion in Westchester
Biotech firm Regeneron plans $1.8B expansion in Westchester
1133 Fifth Avenue with John and Jodie Eastman (Google Maps, Getty/Patrick McMullan)
Paul McCartney’s brother-in-law drops $27M on UES penthouse
Paul McCartney’s brother-in-law drops $27M on UES penthouse
The land near Albert’s Landing (Google Maps)
Preservation fund weighs $6M purchase in East Hampton
Preservation fund weighs $6M purchase in East Hampton
Donald Trump and Allen Weisselberg (Getty)
Trump Org, CFO systematically cheated on taxes, prosecutors say
Trump Org, CFO systematically cheated on taxes, prosecutors say
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...