126 Riverside drive

New York City property owners brace for higher taxes in 2015

Due to the robust real estate market, values have increased in the last year and as a result, New York City is raising the property taxes on all types of property. The largest increase will be weathered by Coop and condo owners who are taxed at a different rate. 

The New York City tax system is very archaic and sometimes can be very arbritrary with midtown luxury pied-a-tierres receiving tax abatements and some single family homes in Harlem paying over $20k in yearly taxes.

Single family homes have until March 16 to file an appeal and coop/condos have until March 2. The tax rolls get finalized in May according to the New York Post.

Read the full article here

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