Tax Building Owners Based On Proximity To Transit

for some reason, lost the rest of the post.

...behind?

https://ny.curbed.com/platform/amp/2018/1/29/16945210/mta-nyc-subway-repairs-value-capture-nyc-property-tax

This is yet another a thinly veiled effort by mayor douchebag to increase tax on Manhattan properties alone from the comfort of his Park Slope brownstone for which he pays $3500 a year in taxes, and rents for $5K a month.

Property taxes in NYC are considered regressive because multi-family landlords can pass all of their tax increases onto renters while homeowner tax increases are capped. Much more complicated than that of course. But it raises the question of whether the city should rely on the property tax for the majority of its revenues. It is indeed a joke that a townhouse owner can get away with paying so little. All this does is raise property values even higher and cause speculation in this sub-market.

The days of middle class and poor people owning brownstones is almost over. Let's protect these people if we can but without benefiting the rich like Hizzonor.

By the way, 4-10 family townhouses have fair taxes in Manhattan. Typical UWS at 50-80k per year. Market Value $6-8mm. So only 1-3 family old ones are very low. Coops and condos used to be low relative to market value but not any more.

By the way, 4-10 family townhouses have fair taxes in Manhattan. Typical UWS at 50-80k per year. Market Value $6-8mm. So only 1-3 family old ones are very low. Coops and condos used to be low relative to market value but not any more.

By the way, 4-10 family townhouses have fair taxes in Manhattan. Typical UWS at 50-80k per year. Market Value $6-8mm. So only 1-3 family old ones are very low. Coops and condos used to be low relative to market value but not any more.

That's part of the problem, 300, IMO. Owners of 4-10 families can pass the higher tax burden down to their tenants in the form of higher rents so it's really the middle class that indirectly pays most of these higher taxes. Owners of 1-3 families get a windfall benefit which they don't deserve and in many cases need.

That is correct. I was just trying to make a point that not all townhouses have advantageous tax treatment. Just 1-3 family. In fact, the valuation methodology for 4-10 is based in GRM of 15 (no deduction of expensed allowed unlike large rental building which are close to less than 8-10 GRM) which will result in exorbitant taxes with taxes increasing 30% every 5 year from the current fair levels.

The Tax Class-1 (1,2,3 family houses) homeowners are a huge voting block. Even idiot deBlasio and the City Council know this. But the property tax system is a convoluted mess. I own a small 1-family home, worth maybe $500k, yearly taxes $4600/year. Groups like 'Tax Equity Now' are selling their plan to raise taxes on Class-1 properties by telling renters that if apartment building (tax class 2) property taxes are lowered then the always-generous NYC landlord will lower their rents. That b.s. and everyone knows it.

True. I guess I do not think of 4-10 family buildings as "townhouses".

As an aside, I wonder how many of them were converted without getting a new C of O in order to get the advantage of better tax treatment? I saw a bunch of these "undocumented" conversions when shopping in Bed-Stuy.

And I am wondering how taxes would work if say a 4 unit townhouse gets converted back to a 1-3 family?

On the flip side, townhouses 6 units and over are burdened by Rent Stabilization (and one of the reasons small buildings have suffered so much tenant harassment in the past decade).

For a long time, single family house owners were considered the largest block of voters, so raising their taxes has been sort of a political 3rd rail.

In most other places, developers are required to make contributions to the added infrastructure needs caused by their building - not so in NYC.

"In most other places, developers are required to make contributions to the added infrastructure needs caused by their building - not so in NYC."

True. In fact, developers in NYC commonly get bulk and use variances in exchange for doing absolutely nothing for the area. I think of that everytime I go down to the 72nd Street IRT subway platform or the station below the Citigroup Tower or walk past the Goldman Sachs West Street headquarters.

Just another reason to move to Florida. Looking better by the year. Peace NY!