3 ms·

That'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 i

• mancerayder 8y ago
  Oligarchs 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).