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Article: Class shift may push taxes up. (New York City's property tax classes)
- Article from:
- Real Estate Weekly
- Article date:
- May 15, 1996
- Author:
CopyrightCOPYRIGHT 1996 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Without new City Council and legislative intervention, equalization rates determined by the New York State Bureau of Real Property Services (BRPS) that affect the makeup of the city's four property tax classes could cause property tax rates on one- to three-family homes, condominiums, cooperatives and other apartment buildings and utilities to rise up to 5 percent for the 1997 fiscal tax year that begins July 1, 1996. The rise is based on the change in market value of the classes of property.
The Class II properties might only go up 3.9 percent, but may receive overage from the other classes and also go up the full 5 percent. The final result will depend on the ...
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