An assessment by the Finance Department released Friday, stated that the total assessed value of New York City properties have surpassed $1 trillion. This number is said to be because of the rising Brooklyn real estate market, an article from New York Post said.
From the statement released, property values have increased to 10.6 percent to $1.072 trillion for the 2017 fiscal year which is over a 9.1 percent last year.
Eric Weiss, veteran property tax lawyer said, "I would say it has to be the most valuable city in the US."
This rise in property values has a dramatic impact in Brooklyn with real estate properties increasing 16 percent compared to only 7.4 percent last year. Weiss was not completely impressed with numbers gathered from all the other areas in the city but was overwhelmed of Brooklyn's figures. He said that this means that the area is now a "very hot market."
On the other hand, Manhattan real estate values increase by 9.3 percent while properties in Queens increased by 9.9 percent. Bronx increased by 5.9 while Staten Island properties were up 5.3 percent.
And while these numbers are indeed great news for the city, property owners are not too happy. Higher property values mean higher taxes and the average amount for single-family homes is expected to rise from $187 to $5,138. The average co-op is to increase from $419 to $6,837 while condo taxes will rise from $932 to $9,302.
The Finance Department is scheduled to finalize the assessment rolls in May. These will be approed by the City Council. Take note that single-family homeowners will have till March 15 to file any concerns while other types of property owners should file by March 1.
