By Olivia Scheck
DNAinfo Reporter/Producer
MANHATTAN — Manhattan property values rose sharply this year, according to a tentative assessment issued by the city’s finance department.
And with the rise come big tax increases.
Each January, the city’s Department of Finance mails New York property owners an assessment of their property values, which are then combined with city and state tax laws to determine the amount that they owe in property taxes for the following fiscal year.
This year, property values rose – especially in Manhattan – translating to an average property tax increase of $594 for Manhattan co-op owners and bringing the average amount owed to $9,351, according to the Wall Street Journal.
Manhattan condo owners will also see their property taxes rise by an average of $970, to $11,348-a-year, the paper said.
While the finance department is supposed to assess property values objectively, one real estate lawyer accused the city of inflating the numbers to increase revenue, according to the Journal.
"We knew it was going to happen," Stuart Saft, chairman of the Council of New York Cooperatives and Condominiums, told the paper. "We just didn't know what form it would be in."
Owners who believe their property would sell for less than the assessed value can file an appeal with the NYC Tax Commission through the Department of Finance website.
A public outreach session for Manhattanites who want to better understand how their property was assessed will take place on Feb. 3, 10 a.m., at 1 Centre Street, Room 936.
