Market values of New York homes, apartment buildings and commercial space are rising at their slowest pace in six years.
The properties rose in value by 3.6 percent overall, while commercial property values rose by 2.4 percent, and hotel values went up by less than 1 percent, according to the Wall Street Journal, citing data from a new assessment roll released last week. The total market value of all properties in New York City was at about $1.4 trillion, a $62 billion jump from last January.
Property tax bills are projected to rise by 6.7 percent in the fiscal year starting July 1, provided tax rates do not change.
The weak growth in valuations comes in the wake of a lengthy slump in New York’s real estate market, which has been facing slow home sales, slow rent growth and declining commercial sales.
Manhattan properties saw the smallest increase in value at 2.11 percent, while Bronx property values went up by 6.3 percent. Brooklyn properties increased by 5.8 percent, while Staten Island and Queens properties both increased by less than 3 percent.