Real Estate taxes

A few years ago, 740 Park, a residence for billionaires, had lower real estate taxes per square foot than my late 80s condo in the west 90s, which is located adjacent to SROs. Historically, a lot of prewar buildings in great zip codes had the advantage of property taxes influenced by low rents due to rent control apartments in your comparable buildings. That influence is diminishing. If your property taxes on Park Avenue are starting to catch up with the rest of Manhattan, welcome to the club.

And assuming chelapt's building is a typical full-service coop of the sort that's common there, $1.75/sf doesn't sound particularly high.

Not that I'd pay that.

No Fking way. Owners never loooze. Renters are the fktards. The landed gentry and allz. WTF is happening. Dogs befriending cats, rich marrying poor, uglies banging hotties. WTF?

Chelapt, the city is using 309 Lexington and 121 E 31st as the comparables in figuring your assessment. See http://www.nyc.gov/html/dof/html/property/property_condo_coop_comp_rental.shtml

Your co-op probably already has an assessment-challenge firm working on contingency, but you might want to ask.

740 Park's comparables are 1493 York and 303 E 83rd. Go figure....

thanks....wow...these comp buildings look all WRONG.....imagine how a city like nyc would create comps that dont make sense and that can add hundreds of thousands of dollars on a buildings tax bill erroneously!

please... there is no equality from the property tax men in NYC

NWT is right. The corporation can file a petition for certiorari which could win something of a reduction, but given the city's finances it's not likely to be much.

Remember, as well, that annual increases in property taxes are capped - therefore, even though rents may be going down, because your increase in property tax went up more slowly than rents did in the past, it could take some time for it to catch up. You need to look at it from a medium-term perspective.

PMG is wrong - rent control and stabilization are not counted in property tax calculations; they are adjusted for. The issue is that when NYC revamped its property tax system, prewar buildings were granted a lower rate than postwar buildings, and single-family homes lower still. If you really want to get mad, look at the property taxes on a $1 million condominium - around $15,000 a year - and compare it to the property taxes on a $1 million single-family home - around $5,000 a year.

Better to rent.

rents are going up again

Marginal revenues can be below marginal costt for long long long periods of time. In fact, equity takes hit, then mezz, then secured and finally city/state revenues. Flmaoz. Renters are in the best position to weather this shatstorm.

stevejhx: the 5k tax on a 1m home or 5k tax on 3m home is found more in the outer boroughs than in Manhattan. Manhattan has "caught" up as far as townhouses are concerned S. of 96th.