4 ms·
"For example, a $3m brownstone in Park Slope I saw had ~$700/month in property taxes" Surely that's a typo. At a tax rate of $10 per $1000, that would to be $2
by lsllc 8y ago
"For example, a $3m brownstone in Park Slope I saw had ~$700/month in property taxes"
Surely that's a typo. At a tax rate of $10 per $1000, that would to be $2500/month.
- cletus 8y agoExamples: - Park Slope brownstone, $548/month: https://streeteasy.com/sale/1375411 https://streeteasy.com/sale/1375411 - Park Slope condo, $1740/month: https://streeteasy.com/building/105-8-avenue-brooklyn/3 https://streeteasy.com/building/105-8-avenue-brooklyn/3 Note: if you look into this a lot of condos have deceptively low monthly taxes due to a tax scheme (now defunct) called J-51 (IIRC) where property taxes started at 0 and would go to normal levels over 20-30 years.
- lsllc 8y agoThat's absolutely insane. So we get oligarchs and tyrants buying up property in NYC to launder their ill gotten gains and paying little to no property tax on it!
- mancerayder 8y agoOligarchs and tyrants buy condos in the sky more than brownstones someplace. And 3M isn't a huge amount for a three family home near public transportation, especially a home from the late 1800's that's attached to other homes and with thousands of dollars a year in upkeep. There's an even more important reason for taxes targeting condos more than the older buildings: rental buildings (like a 3 or 4 family brownstone) have renters, and higher taxes would mean higher rents. All that said, if you build a brand new single or multi-family home someplace, anyplace, the taxes will be pretty high. It's all about the grandfathering of older asessments and a state cap on tax rate increases (20% a year I believe), which is allowed an adjustment if renovation is done (or a fresh assessment if it's new).