City homeowners will get socked with higher property-tax bills this year thanks to the Big Apple’s surging real-estate market.
New tentative assessments released Thursday show that the market value for the city’s 1,060,814 properties jumped 9 percent to $988.3 billion.
That’s higher than last year’s 6.6 percent increase.
The average property-tax increase for single-family homeowners will be $228, according to the Department of Finance.
But co-op and condo owners will be envious because they’ll get whacked even harder.
That’s because the market value of co-ops and condos rose 10.86 percent, and those properties are also assessed at higher rates than single-family homes.
The average co-op property-tax bill will go up by $448.
Condo owners’ bills will shoot up by an average of $838, the DOF analysis reveals.
Property owners in Manhattan’s luxury buildings will see the biggest boosts of all.
Co-op bills in Manhattan will go up by an average of $817, and condo owners get hit with an average $1,150 increase.
Meanwhile the property-tax bills on Manhattan’s pricey single-family townhouses will see the biggest hike: $2,131.
The de Blasio administration greeted the surge in property values as good news.
“The real-estate market remains robust in both sales, rentals and leases with strong demand across the board,” said Finance Commissioner Jacques Jiha.
“We are also seeing increased construction activity in the boroughs outside of Manhattan. The Bronx, in particular, has seen an increase of 46 percent in new construction, which is very good for job creation in that borough,” Jiha added.
In 33 neighborhoods, the market values of single-family homes surged by more than 20 percent.
The hot Brookyn nabes included Carroll Gardens, Crown Heights, Prospect Heights, Bedford-Stuyvesant, Bushwick, Greenpoint and Williamsburg.
Sizzling Manhattan communities included Central and East Harlem, Chelsea and Kips Bay.
But city lawmakers were alarmed by the increases, and say they intend to address the issue.
“The whole tax-assessment system is broken. We have co-op and condo owners assessed higher than they should be and we have single-family homes assessed too low. The whole thing is broken. Everybody knows it and nobody is doing anything about it,” fumed Brooklyn Councilman Jumaane Williams, himself a landlord, who chairs the council Housing Committee.
DOF will finalize the assessment rolls in May. Single-family homeowners have until March 16 to challenge the assessments, and other property owners must file an appeal by March 2.
