Very high property taxes

$1.25-$1.5 per sq ft per month per sq ft is very common now in Manhattan for an condo. New ones are even higher.

If you want to see the city's math for this building, go to https://www1.nyc.gov/site/finance/taxes/property-cooperative-and-condominium-comparables.page

And download the manhattan XL file
scroll to #229 and there is the building with 3 rental building comps to come up with the taxes for 245 east 50.

At a considered perceived comp value of $45.28 per sq ft gross income, it is about as average as you can get with the lowest around $30 per sq ft and highest around $60.

How the city chooses these 3 comps appears to work backwards and look for 3 comp buildings that fit the numbers after they have your buildings tax number.
Thats the way it seems.

As Ive climbed down this rabbit hole with my building I cant get answers from anybody on how the city makes its sausage out of our meat.

It seems more secret than google's algorithm.
Any tax certioraris out there want to school us , my god please do.

The absurdity of the system basing it on GROSS income per sq ft is that the higher your taxes are, the higher your gross income is, the higher your taxes go up.

Its a self feeding grouper! LOL

check that scroll to #303
block lot# 1-01324-7501

Plus balconies add to your tax.

Believe balconies do not add to the building’s overall taxes but individual unit allocation of total taxes as determined by Common Interest percentage may increase due to balcony.

Absolutely correct 300.

truthskr10,
Don't forget the whole system is funny because as opposed to most taxes where the government sets a rate and then collects that percentage, with NYC Real Estate Taxes the city decides how much money it wants to collect from each class, then divides by the total AV of that class to come up with the tax rate.
Take a look at the history of Class I tax rates:
https://www1.nyc.gov/site/finance/taxes/property-tax-rates.page

Note that also means whenever NYC wants to raise property taxes no new legislation is needed - it's just budgeted. And if you take a look at how much the budget has increased under DeBlasio, as well as how much is going to be needed for infrastructure, education, and everything else, and with the Federal Government looking likely to be cutting back, not increasing funds, I think it's pretty clear where NYC Real Estate Taxes are headed.

I can't stand all this good news.

Come on 30 post something uplifting for the new year! ; )