New York City 2012 Property Tax Increase

The city has changed the way they assess the value of your property.  Instead of comparing your home to a similar property nearby that sold recently, they now say the process starts when the city’s assessors determine the market value of your property.  What they don’t tell you is how they do it.

I believe this change is just to increase the revenue the city takes in from homeowners, because most of the time, the value the city places on residential property is not the real market value.

Example,  In 2009 a home in Eltingville sold for $300,000, yet the city had it assessed for $451,000.  While prices have declined slightly in the last 2 years, the city still has it assessed for over $400,000.  That’s just one example, I can give you many more.  If you live in Staten Island, where I am a NYS Licensed Real Estate Salesperson, I have the knowledge of the values in this area.

Here is how you can check what the city has for your property.

Log on to the city’s website for property taxes;  click on NYC Dept. of Finance.

Next scroll down to “Notice of property value”

Select your Borough, block and lot number, and click “view”

You can also surf the site to see if you qualify for any tax exemptions, such as Veterans, Enhanced Star for Seniors who have AGI, Adjusted Gross Income under $79,050, and other exemptions.

If you feel your taxes are too high, you can appeal.  But you must file before March 15th for the coming tax year.

If you need any help, please call me, while not an expert in the appeal process, I might be able to direct you to a site that might be more informational for you.

My phone is on from 9 A.M. till 5 P.M. unless I’m with a client, then just leave a message and I’ll return you call ASAP.

917-696-0275,  Just ask for Ken

  1. Very helpful info; thanks! Not in Staten Island, but am glad to have come upon your site all the same.

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