Brooklyn Real Estate Outpaces Manhattan as City Tallies Valuesby
Brooklyn jumps 14 percent, while Manhattan up 8.2 percent
Property taxes make up about 41 percent of NYC’s revenue
New York City set a value of $1.16 trillion for its more than one million properties for the fiscal year beginning July 1, 2018, an increase of 8.74 percent over the previous period, according to city finance department data.
Residential and commercial property values in Brooklyn rose 14 percent, the most of New York’s five boroughs, to $301 billion. Manhattan property rose 8.24 percent. The values are later used to help set tax assessments, which are established separately.
By property class, market values for cooperatives, condominiums and apartment buildings had the biggest increase, rising 10.4 percent. Values for one-to-three family homes and commercial property both rose about 8.6 percent.
Real estate taxes are the largest contributor to New York City’s revenue and the primary source of funds that back its $38 billion in outstanding general-obligation bonds. The city plans to collect $25.4 billion in tax on properties in fiscal 2018, or about 41 percent of city revenue, according to the city’s November financial plan.