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For the market-rate renters, I always wondered what percentage of their rent was actually hidden property tax. Difficult to unravel, but property taxes are one of landlords' significant expenses, and this is ultimately paid by the tenants.
For the market-rate renters, I always wondered what percentage of their rent was actually hidden property tax. Difficult to unravel, but property taxes are one of landlords' significant expenses, and this is ultimately paid by the tenants.
No matter how you slice it......
Renters need to understand.....it is not their home !
They are paying someone to provide a roof over their head.
If a landlord takes on a renter to ease the burden of paying bills fine.
If the landlord leaves the apartment empty he takes on a second job
to pay the bills while leaving a family in search with one less opportunity
to gain shelter.
The greatest accomplishment one can achieve in the United States is owning a home
but it takes lot of time, sweat ,tears, back breaking, and bone grinding to get there.
Once there.......things become a bit easier..............enter the tenant.
So does that mean that Republicans will start praising DeBlasio?
I believe the City Council sets property tax rates. I don’t know if the mayor has to sign off on the rates. The system is still broken when a $2 million property in Park Slope is taxed less than my home in Queens which isn’t worth close to that amount.
Renters need to understand.....it is not their home !
They are paying someone to provide a roof over their head.
If a landlord takes on a renter to ease the burden of paying bills fine.
If the landlord leaves the apartment empty he takes on a second job
to pay the bills while leaving a family in search with one less opportunity
to gain shelter.
The greatest accomplishment one can achieve in the United States is owning a home
but it takes lot of time, sweat ,tears, back breaking, and bone grinding to get there.
Once there.......things become a bit easier..............enter the tenant.
i gladly pay the owners of our building rent ..it allows us to deploy our own money in far better opportunities…what we make on that money not tied up in our house anymore not only pays the rent but all our yearly expenses in retirement and it is still growing.
I believe the City Council sets property tax rates. I don’t know if the mayor has to sign off on the rates. The system is still broken when a $2 million property in Park Slope is taxed less than my home in Queens which isn’t worth close to that amount.
Well done.
Nothing more need to be said................
i gladly pay the owners of our building rent ..it allows us to deploy our own money in far better opportunities…what we make on that money not tied up in our house anymore not only pays the rent but all our yearly expenses in retirement and it is still growing.
True.
Success comes in many ways.
You have found yours.
The only limit is yourself.
I believe the City Council sets property tax rates. I don’t know if the mayor has to sign off on the rates. The system is still broken when a $2 million property in Park Slope is taxed less than my home in Queens which isn’t worth close to that amount.
That inequitable system of home valuation for tax purposes got broken decades before deBlasio was born.
Usually, only a systemic revaluation of ALL properties in any city is done and the SAME tax rate is applied to market value will any degree of fairness be achieved.
Of course, that fairness will only apply for the single instant that it is done because of continuously fluctuating desirability of certain areas.
Trouble is that whenever the topic of a new reval comes up anywhere, all homeowners unreasonably go ballistic, so old valuations continue long after they are antiquated and grossly unfair. Reval is probably the word that frightens politicians the most.
A good read on the unique system NYC uses to value property unfairly:
That inequitable system of home valuation for tax purposes got broken decades before deBlasio was born.
Usually, only a systemic revaluation of ALL properties in any city is done and the SAME tax rate is applied to market value will any degree of fairness be achieved.
Of course, that fairness will only apply for the single instant that it is done because of continuously fluctuating desirability of certain areas.
Trouble is that whenever the topic of a new reval comes up anywhere, all homeowners unreasonably go ballistic, so old valuations continue long after they are antiquated and grossly unfair. Reval is probably the word that frightens politicians the most.
A good read on the unique system NYC uses to value property unfairly:
My thread is about tax class 1 used for private houses. Your link is for class 2 rental and coops/condos properties which must have its own and different issues.
As far as class 1 properties, I don’t think the property valuations are the problem so much as are the assessed values. For example, my childhood home is valued at $782,000 with an assessed value of $27,000. Typical homes where I live now are valued at around $700,000 with an assessed value of $38,000. The assessed value less any exemptions is multiplied by the city property tax rate so net taxes are much higher in my current neighborhood despite having a lower market value than some higher priced homes elsewhere in NYC. That is ultimately unfair.
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