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

Landlords have until March 1 to file for changes

New York /
Jan.January 17, 2018 09:00 AM

Retail at the GM building

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


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
The price of a new home in China’s largest cities fell for the first time since 2015
New home prices in China’s largest cities fall for first time since 2015
New home prices in China’s largest cities fall for first time since 2015
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
arrow_forward_ios

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

Loading...