Sunday, April 24, 2016

See your property tax bill relative to everyone else in New York City

If you have a one to three family home in New York City, see http://bit.ly/nyctaxequity to compare your property tax bill compared to everyone else.

For Class 2, 3, 4 (Coop, Commercial, and Utilities see http://bit.ly/nyctaxclass234)

For Android application, see https://play.google.com/store/apps/details?id=com.brooklynmarathon.mapcityregister.nycpropertytaxclass1  (press the compass icon to have the application go to your current location)

This is a map of the relative property tax assessment for 1 to 3 family homes in NYC.

Blue = Low (e.g, 1 or 2 percent),
Red = High (e.g.,4 to 6 percent).

What is Assessed Value?
This is a number that NYC Department of Finance assigns to your property in order to tax you.

What is Market Value?
This is the amount that NYC Department of Finance believes your house will sell for approximately.

What is Assessment Ratio?
This is your assessed value divided by your market value.

Please note that for class 1 property the assessment ratio target is 6 percent but thanks to real estate law https://www.nysenate.gov/legislation/laws/RPT/1805 the assessment cannot change by more than 6 percent per year and 20 percent per 5 year period

Park Slope is mostly blue = Low Assessment Ratio

Dyker Heights / Bayridge is mostly red = High Assessment Ratio