Big Property Tax Increases on Horizon in NYC.

Under a preliminary assessment roll just released by the Bloomberg administration, Coop and Condo owners will pay sharply higher property taxes which are due to take affect in July of this year. Real estate taxes on condo units are expected to rise 9.6% and on coops,owners can expect to pay 7.5% more based on the tax increase. Owners of single family homes will receive an increase of approximately 2.8%. This is only a preliminary assessment which can be appealed provided the taxpayer does so before the appeal deadline, which is March 1st for coops , condos and   buildings with more than three units and March 15th for one to three family homes. To read the entire Wall Street Journal article click here.

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