A Tax Surprise

Despite real estate slump, city tells some homeowners that their market values are up

March 01, 2010  By Caren Chesler

Down market? What down market? In the wake of one of the biggest housing declines since the Great Depression, some New Yorkers saw the values of their homes rise last year — on the city’s tax records.

Townhouse prices in Manhattan were down 32 percent in 2009 from 2008, according to data from Miller Samuel. And yet the city’s Department of Finance hiked the market values of some townhomes in Upper Manhattan by as much as 20 percent. (Co-ops, as a class, were up 1.8 percent on average.)

In the eyes of the city Department of Finance, the market value on Meghan Beard’s two-family Harlem townhouse increased from $1.15 million to $1.32 million in the last year, which will apply to the tax year beginning on July 1. Alan Wang’s one-family, meanwhile, rose from $1.05 million to $1.2 million.

Continue Reading at TRD

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