Ho Ho No: Bad News and Good News on Tax Rates
Dec. 5, 2016 — Residential taxes up slightly, while commercial rates dip.
Just in time for Christmas, that grinch known as the city’s Department of Finance (DOF) has released the final real estate tax rates for tax year 2016-17, which began on July 1, 2016 and will end on June 30, 2017.
According to tables released by the law firm Stroock & Stroock & Lavan, the rate for Class 2 residential, which includes four-or-more-family co-ops and condos, will tick upward, from 12.883 to 12.892 percent. Meanwhile, the rate for commercial properties is down, from 10.656 to 10.574 percent.
The new tax rates were not in place for the July 1, 2016 tax bill. Adjustments will be made to subsequent tax bills to reflect the changes.
Happy holidays from your friends at the DOF!