To no one’s surprise, the city is worth more than it was a year ago by some $72 billion, making a 5.8 percent leap, to $1.323 trillion.
The new Department of Finance tentative assessment roll for fiscal year 2020 released on Jan. 15 shows the assessed values that will be in effect on July 1 jumped 8.3 percent, to $259.7 billion.
Property taxes are paid based on the assessed value, and each building’s is individually assessed.
Class One home assessments rose 4.3 percent, to $21 billion. At 4.9 percent, Manhattan rose the most in assessed value, while Staten Island jumped the most in market value — up 10.5 percent.
The assessed value of Class Two multifamily buildings rose 10.7 percent, to $97.7 billion. Brooklyn rose the most in both market and assessed value, at 8.8 percent and 17 percent, respectively.
The assessed value for the commercial Class 4 properties increased 8.1 percent with the market value up $14.5 billion, or 4.6 percent, to $326.8 billion.
Class 4 office buildings and retail had an assessed value increase of 8.1 percent and 9.0 percent, respectively, with Staten Island commercial properties up 16.4 percent in market value.
Any assessment challenges for most properties must be filed with the Tax Commission by March 1 with Class One homeowners’ having a deadline of March 15.
The city’s property tax system is so screwy, the Mayor’s Property Tax Commission is still working on a new plan.
At Tuesday’s public meeting, an invited speaker, professor David Merriman of the University of Illinois, was so “humbled and confused” he said he felt like an alien.
“It’s a massive and complex system,” he said. “When I look at the New York City property tax system, it doesn’t seem to me to have a clear rationale. I look at it and say, why would you want to do that?”
His suggestions were for transparency, to be as simple as possible and for the commission to “go back to the basics; what are the goals, what are the public purposes?”
A report is due out this spring with more public hearings to follow.