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Note California Property Taxes are abnormally low due to Prop 13. More importantly there seems to be a disconnect on the rate here and the way assessesd taxabl

Note California Property Taxes are abnormally low due to Prop 13. More importantly there seems to be a disconnect on the rate here and the way assessesd taxable values get calculated here https://www1.nyc.gov/site/finance/taxes/property-calculating-your-annual-tax-blll.page https://www1.nyc.gov/site/finance/taxes/property-calculating... In general it looks like a standard Class 1 home gets an assessed value of 6% of market value, some classes end up at 45% market value. My quick read says anything higher then 3 stories would be at the 45% rate which seems like most of Manhattan living? According to that page a home with a value of $450,000 ends up with a tax of $4,705.88 which is about %1. That being said the calculation is complex and I don't completely grok it.

bradleyjg 10y ago
Class 1 properties (residential properties with 1-3 units) pay considerably lower rates than Class 2 properties (all other residential properties). Which doesn't make a whole lot of sense, because the poorest people in the city live in big apartment buildings and many of the wealthiest people in the city live in single family town homes. Of the wealthiest people that don't live in single family homes, many live in new construction trophy condos that have multi-decade tax abatements. Even when they come out of tax abatement status, the law requires fair market value for condo/co-op buildings to be calculated by finding a comparable rental building which is impossible for the high end of the market. Almost every aspect of the NYC property tax regime is regressive. We also have a progressive income tax and a regressive sales tax. I wonder whether or not the system as a whole is progressive or regressive.
- vostok 10y ago
  > the poorest people in the city live in big apartment buildings The poorest people live in rent regulated or subsidized housing so this discussion is not relevant to their situation. > Which doesn't make a whole lot of sense, because the poorest people in the city live in big apartment buildings and many of the wealthiest people in the city live in single family town homes. My experience is that the wealthy in NY prefer apartment buildings to townhouses.
  - bradleyjg 10y ago
    Feel free to let Mike Bloomberg know he is doing it wrong.
    - vostok 10y ago
      I never said that he's doing anything wrong.
  - mikeryan 10y ago
    More importantly the poorest people aren't buying - they're renting so the whole property tax issue is moot.
    - epistasis 10y ago
      The cost of property taxes gets reflected in the market prices of rents.
dionidium 10y ago
The classes are broken down here: https://www1.nyc.gov/site/finance/taxes/property-determining-your-market-value.page https://www1.nyc.gov/site/finance/taxes/property-determining... Class 2: "Residential property with more than 3 units including cooperatives and condominiums."

bradleyjg 10y ago

Class 1 properties (residential properties with 1-3 units) pay considerably lower rates than Class 2 properties (all other residential properties). Which doesn't make a whole lot of sense, because the poorest people in the city live in big apartment buildings and many of the wealthiest people in the city live in single family town homes. Of the wealthiest people that don't live in single family homes, many live in new construction trophy condos that have multi-decade tax abatements. Even when they come out of tax abatement status, the law requires fair market value for condo/co-op buildings to be calculated by finding a comparable rental building which is impossible for the high end of the market. Almost every aspect of the NYC property tax regime is regressive. We also have a progressive income tax and a regressive sales tax. I wonder whether or not the system as a whole is progressive or regressive.

vostok 10y ago
> the poorest people in the city live in big apartment buildings The poorest people live in rent regulated or subsidized housing so this discussion is not relevant to their situation. > Which doesn't make a whole lot of sense, because the poorest people in the city live in big apartment buildings and many of the wealthiest people in the city live in single family town homes. My experience is that the wealthy in NY prefer apartment buildings to townhouses.
- bradleyjg 10y ago
  Feel free to let Mike Bloomberg know he is doing it wrong.
  - vostok 10y ago
    I never said that he's doing anything wrong.
- mikeryan 10y ago
  More importantly the poorest people aren't buying - they're renting so the whole property tax issue is moot.
  - epistasis 10y ago
    The cost of property taxes gets reflected in the market prices of rents.

dionidium 10y ago

The classes are broken down here: https://www1.nyc.gov/site/finance/taxes/property-determining-your-market-value.page https://www1.nyc.gov/site/finance/taxes/property-determining... Class 2: "Residential property with more than 3 units including cooperatives and condominiums."