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New York City released its property tax assessment rolls on Friday, and according to one tax expert, it’s a good-news, bad-news situation, depending on your view of the Manhattan skyline: Assessed values for co-ops and condos drifted down a bit in the outer boroughs but headed up in Manhattan.
“Manhattan co-ops and condos increased on the average 10%,” says Stan Russo of Sonnenschein Sherman & Deutsch, a real estate law firm that fights for property tax reductions on behalf of about 500 co-op and condo buildings around the city.
The 10% bump reflects his firm’s own client pool. Citywide--factoring in the less hard-hit outer boroughs--assessments are said to have increased by around 5 percent. (To dig into the rolls yourself, visit the NYC Department of Finance website.)
“That doesn’t really tell the full story. Some areas got hit again this year, which drives the average up, and some areas went down,” says Russo, noting in particular the differences between Manhattan and the other boroughs.
As we wrote two weeks ago, the fact that assessed values are going up at all (on top of last year’s 7-8% hike) is sure to frustrate Manhattanites: Average sales prices, after all, have sunk 25% from their peak two years ago.