Apparently, even failing to take the controversial 421-a tax abatement program into account, the way that the city doles out property taxes is all messed up, with super-wealthy homeowners paying only a fraction of what they should be based on what their apartments are really worth. The way that the city assesses an apartment's value, according to the Post, "is primarily based on the income, per square foot, that's generated by neighboring rental apartments," leaving buyers in buildings like One57 and 15 Central Park West with tax bills roughly equivalent to those paid by the owners of much less pricey properties. [NYP; previously]
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