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Reader comment on:
Home Owners Up in Arms Over Assessment Letters

Submitted by WT Economist, Feb 1, 2007 10:24

Homes are assessed based on sales prices, which are inflated by the housing bubble.

Other properties are assessed based on the income they produce. Commercial property sales prices have also been inflated relative to the income they generate, but not to the same extent as homes. If assessments were based on three times the incomes of homeowners in a neighborhood plus rental income, rather than the most recent bubble sale, assessments would be lower.

In any event, the Mayor is right to assume the bubble cannot continue indefinately.

Note: Comments are screened, and in some cases edited, before posting. We reserve the right to reject anything we find objectionable.

Other reader comments on this article

Comment By Date

Why doesn't the article mention specifically when we, up in arms homeowners, can contest these inflated assessments? Even the the... [MORE]

evelyn kossick

Feb 7, 2007 13:14

Roberta is on the money with the assessment increase facing Boerum Hill and other city residents; indeed, during the Mayor... [MORE]

Arthur

Feb 1, 2007 15:13

Arthur is massively confused if he thinks Bloomberg's property tax policy "is typical of the Republican philosophy." Bloomberg is essentially... [MORE]

Richard

Feb 2, 2007 13:09

Homes are assessed based on sales prices, which are inflated by the housing bubble. Other properties are assessed based on the...

WT Economist

Feb 1, 2007 10:24

As you know there are two limitation on the property tax increase for single family houses. Either 6% per year... [MORE]

Owner

Feb 1, 2007 12:18

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