Are property taxes in Manhattan really that much higher than in Brooklyn?

The difference is between how single-family homes and apartments are valued. Single-family homes are valued at their adjusted 1930-something assessed value, whereas apartments are valued at the assessed value of their imputed rent - that is, what you could get for the place if you rented it. Prewar co-ops are taxed at a lower rate than other co-ops or condominiums, and co-ops are taxed at a lower rate than condominiums.

www.baruch.cuny.edu/spa/images/pdf/George_Sweeting.pdf

Read it and weep.

Are you looking at any new construction? I have a $2.195MM listing that is in the fourth year of its 421(a) tax abatement, and taxes are $209 a month. Even as they rise over time, I'd doubt that they'd hit $1,700 per month.

But stevejhx is right, it's not that taxes on apartments are high (compared to the suburbs, they're quite reasonable) it's that taxes on brownstones are artificially low.

ali r.
{downtown broker}

"it's not that taxes on apartments are high (compared to the suburbs, they're quite reasonable)"

You forget that the suburbs - except Yonkers, and who wants to go to Yonkers - do not have an income tax.

Single to three family homes are taxed at the lowest rate of residential housing. And not only that, they have the lowest cap for increases in assessed values. Thus an old 3 family can be taxed at a crazy low rate compared to new construction, which will will be taxed at market value. If you gut the 3 family and spend $2MM on that, your tax basis will go up the full $2MM. An if in the process you convert it to a 4 family, your rate will go up too!

Long live NYC property tax!