"Actually, NYC property taxes do NOT take sales prices into account. Taxes are based on actual rent received. The latest assessments are based on the income and expenses from 2010, because 2011 numbers aren’t due yet. The previous tax bill would have been based on 2009’s income and expenses. Google opened in the building in 2006. Maybe their lease included a rent abatement that began to expire sometime in 2009. Or, other vacancies could have been leased, causing the net income to go way up during 2010. In any event, it’s almost certainly not political. NYC has only a couple dozen assessors processing the value of the 1 million buildings. Most of the work is done by computers, and the errors are ironed out by lawyers in tax court."?anon [New York City Squeezes Golden Google Goose]
Filed under: