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> Author here. I've updated the post to reflect that the assessed value for apartment buildings (more than 3 units) is exactly 45% of market value. It is not "w
by vostok 10y ago
> Author here. I've updated the post to reflect that the assessed value for apartment buildings (more than 3 units) is exactly 45% of market value. It is not "well under" 50% for any standard apartment building... it is exactly 45% by law.
This is still not completely accurate. Read the section about transitional assessed values and maximum assessed value increases.
- adamscj 10y agoIt looks like most private residencies have an assessed value of 6%, not 45% Tax Class: Property in NYC is divided into 4 classes: Class 1: Most residential property of up to three units (family homes and small stores or offices with one or two apartments attached), and most condominiums that are not more than three stories. Class 2: All other property that is not in Class 1 and is primarily residential (rentals, cooperatives and condominiums). Class 2 includes: Sub-Class 2a (4 - 6 unit rental building); Sub-Class 2b (7 - 10 unit rental building); Sub-Class 2c (2 - 10 unit cooperative or condominium); and Class 2 (11 units or more). Class 3: Most utility property. Class 4: All commercial and industrial properties, such as office, retail, factory buildings and all other properties not included in tax classes 1, 2 or 3. https://www1.nyc.gov/site/finance/taxes/definitions-of-property-assessment-terms.page https://www1.nyc.gov/site/finance/taxes/definitions-of-prope...
- bradleyjg 10y agoWhat makes you think that most private residences in NYC are in buildings with up to three units?