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Property Taxes 101 anyone? — Brooklynian

Property Taxes 101 anyone?

marie
marie
edited November -1 in Brooklyn and Beyond
I'll start by apologizing for my absolute ignorance regarding property taxes in NYC. I've been searching the web for two days and cannot find any basic sources for information about different property tax rates between the boroughs.
Does anyone know if there are large property tax differences between Manhattan and Brooklyn, and where I could find such information? For example, are there huge differences between buying a brownstone in Manhattan v. one in Brooklyn? I need to advise a relative and don't know where to begin.

thank you so much!

Comments

  • lostingreenwoodhts
    lostingreenwoodhts
    I'll take a look around for you, but property taxes in Manhattan are WAY MORE than our fair Boro, like 3-4 times, at a minimum. The real game comes in if they are planning on purchasing a multifamily.

    Regardless of the Boro, taxes sky rocket once you hit the 3-4 family range. I say this since a lot of would-be-brownstoners buy multi-families to bank roll the mortgage via the rental income.

    So a single family may pay $1k a year, where a 3 family may be more than $5k. Though there was some truly scary tax assessments a few years back...have you hit nyc.gov?
  • lostingreenwoodhts
    lostingreenwoodhts
    on NYC.gov

    http://www.nyc.gov/html/taxcomm/html/home/home.shtml

    http://www.nyc.gov/html/taxcomm/html/profiles/profiles.shtml

    and theres always a good try snooping around ACRIS (via nyc.cov) at recent sales and http://www.propertyshark.com for different nabes.

    I'd say Bklyn is better, but I am obviously biased ;)
  • marie
    marie
    Thank you soooooooo much lostingreenwoodhts! I really appreciate your help. I had tried the nyc.gov site but I could not find straightforward comparisons between Brooklyn and Manhattan. I'm going to try again and check out the other sites too. Thanks for the info! :D
  • escap
    escap
    lostingreenwoodhts wrote: I'll take a look around for you, but property taxes in Manhattan are WAY MORE than our fair Boro, like 3-4 times, at a minimum. The real game comes in if they are planning on purchasing a multifamily.

    Regardless of the Boro, taxes sky rocket once you hit the 3-4 family range. I say this since a lot of would-be-brownstoners buy multi-families to bank roll the mortgage via the rental income.

    So a single family may pay $1k a year, where a 3 family may be more than $5k. Though there was some truly scary tax assessments a few years back...have you hit nyc.gov?
    Wait, property tax ratesare higher in Manhattan, or just nominal amounts due to the higher valuations? If the rates are different that's pretty shocking to me. Is this some kind of attempt to cool down the Manhattan housing market and encourage purchasing in the boroughs?
  • lostingreenwoodhts
    lostingreenwoodhts
    escap wrote: [quote=lostingreenwoodhts]I'll take a look around for you, but property taxes in Manhattan are WAY MORE than our fair Boro, like 3-4 times, at a minimum. The real game comes in if they are planning on purchasing a multifamily.

    Regardless of the Boro, taxes sky rocket once you hit the 3-4 family range. I say this since a lot of would-be-brownstoners buy multi-families to bank roll the mortgage via the rental income.

    So a single family may pay $1k a year, where a 3 family may be more than $5k. Though there was some truly scary tax assessments a few years back...have you hit nyc.gov?
    Wait, property tax ratesare higher in Manhattan, or just nominal amounts due to the higher valuations? If the rates are different that's pretty shocking to me. Is this some kind of attempt to cool down the Manhattan housing market and encourage purchasing in the boroughs?

    Yes, you are correct. Tax assessments would differ between LES and Upper West Side as they would from Bushwick (aka East Billyburgh) and Brooklyn Hts.

    The point was the tax base, overall, is lower in the outer Boros, especially Brooklyn & Queens.

    And if I could cool down the housing market, boy-howdy I wouldn't be here posting on this Board ;)
  • escap
    escap
    ?? I didn't mean was it an attempt by you to cool down the market! :lol: That's actually pretty funny. I meant was this policy an attempt by the gubment to affect the market. Anyway, please forgive me as I'm pitifully still unclear. You said that I was "correct", but in fact I was asking questions, so I'm still at a loss. Sorry. :-s
  • lostingreenwoodhts
    lostingreenwoodhts
    My line of thought to your post was that tax assessments might be closer in different nabes throughout the city, and of course, within each Boro. But, it's my belief (to the best of my knowledge), Manhattan takes the cake.

    Make sense?

    And I'm working on that "cooling down the market" thingy, since you brought it up. Gotta beat graphic design ;)
  • marie
    marie
    you know, it just wasn't making sense to me. I couldn't comprehend, for example, how a run down 1-family brownstone on 103rd St. and Amsterdam on the UWS could have 2006 property taxes of $22, 659 (!!) and a beautiful 1-family brownstone of the same size (lot and sq. footage) in pricey Park Slope had 2006 prop. taxes of about $4000. I thought I'd find a clear-cut tax rate difference between the boroughs, but that's not the case.

    Thanks again for your information.
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