NYC Home Values May Rise for First Year Since 2008, City Says
This article is for subscribers only.
New York City’s more than 1 million properties will increase in value 3.75 percent to $823.5 billion, with home values rising for the first time since fiscal 2008, according to tentative assessments by the city’s Finance Department.
Fiscal 2012 market values of buildings with more than 10 units are expected to rise 15 percent for condominiums and 12 percent for cooperatives, according to the department. Average taxable assessed values for condos may be up 9.6 percent, and co-ops 7.5 percent, the department said. Average tax bills for condos would go up $490 to $7,313. Co-ops’ bill would rise from $384 to $5,488.