New York City real estate has reached a hefty $1 trillion. This is the first time in the real estate history of NYC and it is because of the soaring property market in Brooklyn.
According to Daily Mail, increase in property values were observed across five areas namely Brooklyn, Manhattan, Queens, Bronx and Staten Islands with assessed property values said to have soared by 10.6 percent to $1.072 trillion for the 2017 fiscal year. Last year's increase was 9.1 percent. It should be noted that the assessment released by the Finance Department last Friday is still tentative.
Nevertheless, Brooklyn is commended for its big impact to the growth in New York's real estate market. The increase in the property values in Brooklyn has leaped from the 7.4 percent last year to currently 16 percent, according to The New York Post. Veteran property-tax attorney Eric Weiss said that Brooklyn has turned out to be a very hot market. "I would say it has to be the most valuable [city in the US]," Weiss added.
As for other markets, Manhattan saw market values increase to 9.3 percent as Queens real estate values rose by 9.9 percent. Moreover, while Bronx had a 5.9 percent increase, The Post has reported that Staten Island market values rose by 5.3 percent.
According to the Daily Mail, it should also be noted that higher home values also mean higher taxes. And with the current increase in market values in New York, the average bill for a single-family home is anticipated to rise $187 to $5,138.
The Finance Department is expected to finalize the assessment rolls by May for the City Council to review and give an approval. On the other hand, single-family homeowners have until March 15 to report challenges while other property owners should do the same on or before March 1.
