For Tax Class 1 properties, it appears that the sum of the Market Value is approximately $384 Billion but the assessed value should be 6% of the Market Value for Class 1 properties. That would be (384 * 6%) = $23 Billion. However according to the New York City Department of Finance the sum of the assessed values is approximately $18 Billion. What happened to the other $5 Billion? Ask your representative, this means that $1 Billion in property tax is not collected every year in Tax Class 1 property alone.
This does not even consider the other property tax classes. However, we do see that Class 2 and 4 properties do pay the vast majority of property tax based on their assessment values.
|New York City Tax Class Summary|