Negotiating + Financing

Assessed property values up 10% in Manhattan

By Teri Karush Rogers | January 18, 2010 - 11:25AM
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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.  

Related posts:

NYC property values stabilize at 25% down; tax man still in denial

Property tax increase less awful than expected, but maintenances rising 8%

Teri Karush Rogers

Founder & Publisher

Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she covered New York City real estate for the The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri holds a BA in journalism and a law degree from New York University. 

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