Marketproof New Development & Condo, the leading condo data and analytics platform, now provides handy charts showing historical and future property taxes for NYC new development and resale condos. Share the data In...
Tag - Property Taxes
NYC residential tax abatements: all you need to know (421-a, J-51)
New York City offers several different tax abatements to building developers that can lower condominium units’ property taxes for a set number of years. Their goal is usually to incentivize development in certain...
New York City Property Tax System Background
New York City Property Tax System History 1975 Court of Appeals Case: Hellerstein v. Town of Islip – SeminalcaseforrealpropertytaxreforminNYS In 1981, NY’s Real Property Tax Law was amended to create what is effectively...
NYC Advisory Commission on Property Tax Reform: Preliminary Report Jan 2020
The NYC Advisory Commission on Property tax Reform reached consensus on 10 initial recommendations: The Commission recommends moving coops, condominiums and rental buildings with up to 10 units into a new residential...
NYC Class 2 Residential Property Taxes Guide
Market Value —Valuing Your Property The NYC Department of Finance assigns Market Values to all properties in New York City – approximately 1,045,000 properties each year. Market Value is the worth of your property...
NYC property taxes: all you need to know
For New Yorkers who own real estate, understanding the deluge of NYC property taxes can be crippling, whether you’re looking to buy, sell, or maintain a property. From explaining the different tax classes to...
Mansion Tax FAQs from NYS Dept of Finance – Pub 577
“Tax Law Article 31 imposes a real estate transfer tax on each conveyance of real property, or interest in real property, when the consideration exceeds $500. The tax is computed at a rate of two dollars for each...
Property Taxes: Condos vs Houses NYC
If you’re weighing up whether to buy a house or a condo in NYC (and by a house we also mean a townhouse as well as a single-family) property taxes will weigh heavily in your decision making. Here’s what you need to...
