You’re not going to believe this one: NYC property taxes are going up

The city’s property market may be cooling down, but tax bills are still rising.

The city’s Department of Finance published tentative tax assessments for the coming fiscal year, and it looks like they will rise at a similar pace as last year, the New York Post reported. Last year the total market value of all real estate in Manhattan, as assessed by the department, increased by 8.7 percent to $1.157 trillion.

The market value of the city’s most valuable building, the GM Building at 767 Fifth Avenue, rose by $112.9 million to $1.943 billion this year. Its tax assessment stood at $874.36 million, but, because of a phase-in, the landlord Boston Properties is only paying taxes on $765.3 million.

The Empire State Building’s market value rose by $39.9 million to $920.9 million and its tentative billable assessment stood at $387.99 million.

The assessments are tentative, and landlords will have until March 1 to try to change them. [NYP] — Konrad Putzier