Does real estate bust affect property taxes and maintenance?
Started by Trompiloco
over 17 years ago
Posts: 585
Member since: Jul 2008
Discussion about
Hi guys, I'm just starting this thread to educate myself. The only previous experience I've had with property taxes has been in NJ, and there, since prices have already gone down like 20% on average, it is all the rage to try to contest your 2006 or so home assessment in court to get your p.tax down. It rarely happens, but people try. Now, if prices in NYC were to fall, say, 30% would that... [more]
Hi guys,
I'm just starting this thread to educate myself. The only previous experience I've had with property taxes has been in NJ, and there, since prices have already gone down like 20% on average, it is all the rage to try to contest your 2006 or so home assessment in court to get your p.tax down. It rarely happens, but people try. Now, if prices in NYC were to fall, say, 30% would that eventually lower property taxes? I assume pt is a percentage of the assessed value of a house, condo or coop shares... how frequently are prices reassessed? Who does it? Obviously, the other component of the common charges, which is the regular maintenance of the building, will surely continue to go up for the foreseeable future... although some people are now predicting deflation... anyway, any comments or predictions? Also, I have seen that certain neighborhoods tend to have high CC charges (UES) and others (even Tribeca, I guess those are lofts without doormen or any amenities) lower ones... comments?
[less]
Response by crescent22
over 17 years ago
Posts: 953
Member since: Apr 2008
A price fall in connection with a recession is more likely to result in higher taxes as Bloomberg jacks them back up to keep the budget within a semblance of normality.
A price fall in connection with a recession is more likely to result in higher taxes as Bloomberg jacks them back up to keep the budget within a semblance of normality.