Saturday, June 21, 2014

NYC Property Tax Bill Comparison between Queens and Park Slope Brooklyn

We've already seen in http://timingblog.brooklynmarathon.com/2014/05/2014-new-york-city-class-1-property-tax.html that if you take the Assessed Value and divide by Market Value for NYC Properties according to NYC Department of Finance that certain areas such as Park Slope Brooklyn pay around 1% to 2% (that is, the assessment ratio (assessed value / market value) is around 1 to 2 percent).  And Queens, the Bronx, Staten Island, and parts of Brooklyn pay around 5% to 6%.

Now we plot the actual property tax bill amount and we focus on Class 1 Property.  You might think that, at the very least, in absolute dollar amounts places, such as Park Slope Brooklyn, would pay more per property since the market values per property are much higher.  You might think that, but you would be incorrect.

The truth is Park Slope and Queens pay about the same in property tax in dollars.

See http://cdb.io/1ivxyT2

Park Slope:

Queens:


Here is the averages based on data from NYC Department of Finance: http://www.nyc.gov/html/dof/html/property/assessment.shtml






Here is similar data (NYC Property Tax Bill and Assessment Ratio by postal code ordered by Assessment Ratio):