New York Metropolis property homeowners owe $1.65 billion extra in property taxes than they did final yr, regardless of a pandemic that has hobbled real-estate values.
A Wall Road Journal evaluation of the most recent metropolis evaluation rolls discovered that the business’s new tax invoice will rise 5.7%. That’s as a result of the tax evaluation date was Jan. 5, properly earlier than property values deteriorated in response to the March shelter-in-place orders that led quite a few companies to shut and lots of tenants to withhold lease.
The will increase had been pushed primarily by rising market values lately in addition to the worth of latest building and renovations.
Property taxes are of central significance to New York Metropolis’s finances. It’s the greatest and most essential supply of tax income, serving to to pay for all the things from faculties to hospitals, firefighters and police.