For the first time ever, New York City’s assessed property values have exceed the $1 trillion mark. The city’s finance department reported last week that the total market value of taxable property rose 10.6% to $1.072 trillion for FY 2017. Much of the surge is due to the exceptionally strong real estate market in the borough of Brooklyn, which is seeing a renaissance in demand.
“Higher assessments mean higher taxes — and the average bill for single-family homes is expected to go up $187 to $5,138,” as reported in the New York Post.
Indeed….
Read more:
“NYC property values surpass $1 trillion,” New York Post 1/15/16
“New York City Property Values Surge,” The Wall Street Journal 1/15/16 (subscription required)
