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November 19, 2013
The City of New York has released the new real
estate tax rates for tax year 2013/14, which began
July 1, 2013 and will end June 30, 2014. The rate for
Class 2 residential properties is down, while the rate
for Class 4 non-residential properties (i.e., commercial) is up slightly from last year.
The following is a comparison of the tax rates for
tax years 2012/13 and 2013/14:
Tax Year
2012/13
Tax Year
2013/14
Class 1 (1-3 family
residential) 18.569% 19.191%
Class 2 (4 or more family,
co-ops, condos) 13.181% 13.145%
The new tax rates were not in place for the July 1,
2013 tax bill. Adjustments will be made to
subsequent tax bills to reflect the changes. The tax
rates to be applied for the second half of tax year
2013/14 are as follows, beginning with the tax bill
due January 1, 2014:
July 1,
2013
Rates
January 1,
2014
Rates
Class 1 (1-3 family
residential) 18.569% 19.813%
Board members too often drink the cool-aide of "oh well costs have to go up - Not so. I you examine each line item you can work to realize savings and balance the budget without necessarily increasing maitenance levels and getting caught in that spiral. I actually thing i this is something encouraged by managing companies as they work to justify increasing their fees. So, in shirt, don't be a sheep. be a dynamo board member. For example, obviously an increased tax rate help offset any increase in assessed value.
Do you have the link for the new NYC tax rates?
I think they're in the habitat story on the front page
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While the rates are down, the valuations have done up. There's an article here from Friday that explains it.
The most fiscally responsible thing is to raise maintenance if the end result of lower rate + higher valuation = higher tax payments.
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