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Not only that, but soon after Google bought the main NYC building, the tax bill went up for a small number of the largest properties in the city, which of cours
by puzzle 8y ago
Not only that, but soon after Google bought the main NYC building, the tax bill went up for a small number of the largest properties in the city, which of course included Google's. The valuation has since fluctuated a number of times because of byzantine rules in how properties are assessed, especially when the owner is also a tenant.
- bdhess 8y agoWell in fairness, tax bills are based on market values, and ought to respond to events in the market. In competitive markets with lots of supply and demand, you'd expect many transactions, and the effect of any one comparable transaction on the price of a given property would be quite small. In niche markets where transactions are rare (like, say, “commercial properties in mid to lower Manhattan with >2.5mm sq ft of floor space”), individual transactions involving comparable properties can be expected to have an outsized effect.