Class 1 properties are residential: Fixing the current regime would require the coordinated efforts of Albany and New York City. In 1985 and again in 2008, lawmakers took pains to tether 421-a to affordable-housing construction. The most expensive county for property taxes in the nation is Orleans County, which pays 3.
When taking those exemptions into account, effective property tax rates in New York City are often less than 0. The results look like a chapter from Capital in the Twenty-First Century. There's nothing stopping the state from going further to levy elite properties.
The table below shows the average effective tax rates for every county in New York and for New York City. Since most condos don't typically generate any income, the city makes up income statements for condominium buildings, whole cloth. Calculate your property taxes.
Kriston Capps is a staff writer for CityLab covering housing, architecture, and politics. Of that, 62 percent was levied by schools and 17 percent by counties. While that is about the same as taxes in New York City, it is based on much lower home prices.
It can get more confusing if you compare New York City to the rest of the state, as there are startling differences. They could likely affect your cost of living.
At some point, the building does become taxable. Next month, state lawmakers must decide whether to abandon or renew the controversial 421-a exemption program, which lowers the billable-assessed value of a property to incentivize real-estate development and affordable-housing construction. Tax burdens can be downright onerous depending on which state you call home.
In that case, you may want to contest your assessment. Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. While nice condos attract big tax breaks, nice neighborhoods earn long-lasting tax breaks.