Here is his website: https://drive.google.com/file/d/1iGn9ws9Ds0x_3kkB1tdM2pxLlbkPtT0k/view Shift the tax burden from overtaxed homeowners in the outer boroughs to more expensive homes in richer and whiter neighborhoods: The property tax system is unbalanced because assessment levels are artificially capped, so homeowners in expensive neighborhoods pay less than their fair share. The Mayor can... [more]
Here is his website:
https://drive.google.com/file/d/1iGn9ws9Ds0x_3kkB1tdM2pxLlbkPtT0k/view
● Shift the tax burden from overtaxed homeowners in the outer boroughs to more
expensive homes in richer and whiter neighborhoods: The property tax system is
unbalanced because assessment levels are artificially capped, so homeowners in
expensive neighborhoods pay less than their fair share. The Mayor can fix this by
pushing class assessment percentages down for everyone and adjusting rates up,
effectively lowering tax payments for homeowners in neighborhoods like Jamaica
and Brownsville while raising the amount paid in the most expensive Brooklyn
brownstones.
● Advocate for the inclusion of "circuit breakers" to ensure that low- and
moderate-income homeowners, like many of our seniors living in gentrifying
neighborhoods, are not cost-burdened by the changes.
● Stop treating co-ops and condos as if they were rentals: The Mamdani
administration will work with state lawmakers to abolish Real Property Tax Law
Section 581 which compares condos and coops to rental properties and creates
arbitrary and inequitable tax burdens on moderate and low income owners.
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Response by MTH
15 days ago
Posts: 525
Member since: Apr 2012
I didn't know race was pertinent to taxation but apparently it is for him.
Also: I understood from previous posts on this board the most undertaxed properties in NYC are not in Manhattan at all but single family homes in parts of Brooklyn.
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Response by value
15 days ago
Posts: 31
Member since: Jan 2009
Single family homes in Manhattan also have a very low property tax as a percentage of their sale price. The property tax per square foot for a Manhattan one family house is lower then that for a co op or condo on a square foot basis.
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Response by MTH
15 days ago
Posts: 525
Member since: Apr 2012
@value Why is that? They aren't usually rented out in the first place, are they? They are almost always owner occupied.
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Response by value
15 days ago
Posts: 31
Member since: Jan 2009
politicians from both parties want the support of single family home owners, they are usually upper middle class or wealthy, No one running for office has ever campaigned on a pledge to raise the property tax on single family homeowners
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Response by MTH
14 days ago
Posts: 525
Member since: Apr 2012
Even in outer boroughs? I have no data but always imagined the vast majority of them in Brooklyn, Staten Island, Queens to be solidly middle class rather than upper middle.
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Response by value
14 days ago
Posts: 31
Member since: Jan 2009
a one family house at 67 East 82 street is listed for 22 million, its real estate taxes of about 140 thousand a year reflect a tax of less than one percent of market value. Co op, condo, owners pay much more in property tax as a percentage of market value.
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Response by 300_mercer
14 days ago
Posts: 10356
Member since: Feb 2007
Value, By tax tables and rates, single family taxes are intented to be about 1.2% or market value. 6% of real market value x 20% appx = 1.2%
Manhattan new condo and and some cases coops pay more but coops in others areas don't.
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Response by 911turbo
14 days ago
Posts: 228
Member since: Oct 2011
I naively thought since the market value of my property is about 3-5% less vs. than what I paid in 2021 (based on recent comps in my building), my property taxes might go down. Of course they went up from $8800 per year to $9300. I’m pretty they never go down unless a buyer pays much less than the seller paid, and then maybe you can argue your property taxes should go down based on the last two sales prices, as was the case for me in San Francisco, I paid $500k for a condo that the seller paid $700k and indeed my property taxes went down. Not sure if this is the case in NYC…
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Response by 300_mercer
14 days ago
Posts: 10356
Member since: Feb 2007
Turbo, NYC coop condo is based on rental equivalent of similar buildings. They don't adjust the cap rate. Basically in NYC condo/coop, your market value can fall by 50% and but taxes wouldn't go down.
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I didn't know race was pertinent to taxation but apparently it is for him.
Also: I understood from previous posts on this board the most undertaxed properties in NYC are not in Manhattan at all but single family homes in parts of Brooklyn.
Single family homes in Manhattan also have a very low property tax as a percentage of their sale price. The property tax per square foot for a Manhattan one family house is lower then that for a co op or condo on a square foot basis.
@value Why is that? They aren't usually rented out in the first place, are they? They are almost always owner occupied.
politicians from both parties want the support of single family home owners, they are usually upper middle class or wealthy, No one running for office has ever campaigned on a pledge to raise the property tax on single family homeowners
Even in outer boroughs? I have no data but always imagined the vast majority of them in Brooklyn, Staten Island, Queens to be solidly middle class rather than upper middle.
a one family house at 67 East 82 street is listed for 22 million, its real estate taxes of about 140 thousand a year reflect a tax of less than one percent of market value. Co op, condo, owners pay much more in property tax as a percentage of market value.
Value, By tax tables and rates, single family taxes are intented to be about 1.2% or market value. 6% of real market value x 20% appx = 1.2%
Manhattan new condo and and some cases coops pay more but coops in others areas don't.
I naively thought since the market value of my property is about 3-5% less vs. than what I paid in 2021 (based on recent comps in my building), my property taxes might go down. Of course they went up from $8800 per year to $9300. I’m pretty they never go down unless a buyer pays much less than the seller paid, and then maybe you can argue your property taxes should go down based on the last two sales prices, as was the case for me in San Francisco, I paid $500k for a condo that the seller paid $700k and indeed my property taxes went down. Not sure if this is the case in NYC…
Turbo, NYC coop condo is based on rental equivalent of similar buildings. They don't adjust the cap rate. Basically in NYC condo/coop, your market value can fall by 50% and but taxes wouldn't go down.
Starter here:
https://www.nyc.gov/site/finance/property/definitions-of-property-assessment-terms.page
Right. Value may decline but potential rental income does not.