New York City's Total Property Value Edges Up 0.12%

New York City's Total Property Value Edges Up 0.12% 2010-01-15 20:28:37.342 GMT By Martin Z. Braun Jan. 15 (Bloomberg) -- New York City set a value of $796.6 billion for its one million properties for fiscal year 2011, an increase of 0.12 percent over the previous period, the city’s finance department said. Market values for cooperatives, condominiums and apartment buildings rose 4.04 percent,... [more]

New York City's Total Property Value Edges Up 0.12% 2010-01-15 20:28:37.342 GMT By Martin Z. Braun Jan. 15 (Bloomberg) -- New York City set a value of $796.6 billion for its one million properties for fiscal year 2011, an increase of 0.12 percent over the previous period, the city’s finance department said. Market values for cooperatives, condominiums and apartment buildings rose 4.04 percent, while those for one- to three- family homes declined 2.73 percent citywide, the department said in a news release. The estimates are used to determine the property taxes for the financial year starting July 1. “Assessed values went up for all classes of property, even in cases where market values declined because of State limits on assessment growth,” said Finance Commissioner David M. Frankel. “When the market rebounds, owners will benefit from assessments that will rise more slowly than the value of their properties.” For Related News and Information: New York government news: TNI NY GOV Stories about New York municipal bonds: TNI MUN NY Top municipal stories: TOP MUN Top New York news: TNYC --Editors: Walid el-Gabry, Mark Tannenbaum To contact the reporters on this story: Martin Z. Braun in New York at +1-212-617-6849 or mbraun6@bloomberg.net. To contact the editor responsible for this story: Mark Tannenbaum at +1-212-617-1962 or mtannen@bloomberg.net. [less]