The total assessed value of New York City real-estate has topped $1trillion for the first time ever, and the bump has been credited to the increasing property market in Brooklyn.
Across all five boroughs, assessed property values jumped 10.6 per cent to $1.072 trillion for the 2017 fiscal year, a tentative assessment roll released Friday by the Finance Department reported. Last year there was a 9.1 per cent increase.
The change has been even more drastic in Brooklyn, where property values are increased16 per cent, compared to last year’s 7.4 per cent rise, according to the New York Post.
Across all five boroughs of New York City (pictured), assessed property values jumped 10.6 per cent to $1.072 trillion for the 2017 fiscal year
‘I would say it has to be the most valuable [city in the US],’ veteran property-tax attorney Eric Weiss told the Post.
Weiss said that the Brooklyn figures were noteworthy, but the citywide figures aren’t surprising.
‘That reflects the fact that Brooklyn has become a very hot market,’ he said.
Michael Dardia of the Citizens Budget Commission told the Post that Brooklyn is showing a ‘historically strong increase’ in market values.
‘That’s not driven very much by building… but by the very strong rental markets, and the rise in rents in [sections] of the borough,’ he said.
Mayor Bill de Blasio – who has property in Park Slope – saw a 14 per cent increase in the value of his two homes, which now hit $3.24million.
The increase in property values has been even more drastic in Brooklyn (pictured), where property values increased 16 per cent
In Manhattan, market values rose 9.3 per cent, and Queens real-estate values increased by 9.9 per cent. The Bronx saw a 5.9 per cent increase, while Staten Island saw a 5.3 per cent increase, according to the Post.
The increase in property value does, however, mean an increase in taxes. The average bill for a single-family home could rise $187 to $5,138.
‘This year’s tax roll is simply a reflection of New York City’s growing real estate market,’ Commissioner Jacques Jiha said in a statement.
‘The roll also reflects significant construction activity, particularly in rental apartments, which accounts for 36 percent of the construction activity in the City,’ Jiha added. ‘The trend was most pronounced in Brooklyn, where rental apartments account for 55 percent of all construction in Brooklyn.’