Property values down, taxes up

The market value of property is down, but New York City properties are about to see their taxes increase, the New York Post found. The overall value of city properties has declined 1.2 percent, and the market value of single-family homes has dropped 7 percent. But taxes are going up by $265, from an average of $3,218 per year to $3,483. Taxes are increasing because there are carryovers from previous years that need to be factored into this year’s assessment.