$5 Million Property = $5,000 Property Tax......

New York City has low property taxes and high income taxes. Places like Westchester County have high property taxes and low income taxes.

Not true, most post-war coops/condos valued at $1 - $2 million have property taxes of $15,000.

Example:

http://streeteasy.com/building/the-saratoga/6e

Co-ops and condos are classified and taxed differently than single family and multi-family homes

"Co-ops and condos are classified and taxed differently than single family and multi-family homes"

Why's that? Makes no sense.

Like I said it's out of whack.

That is unfortunately the law. In addition, there is grandfathering of valuations as the assessed value can not go up more than certain percentage. SIngle family and small multifamily taxes are very favorable and are reflected in the prices.

It's in Harlem. I'm surprised that there are any taxes at all.