Taxing Times: NYC Property Tax Hike Coming

1- And 2-Family Home Rates To Climb; City Residents Furious

NEW YORK (CBS 2) — There was no mercy Thursday for New York City taxpayers.

Bus and subway fares are going up for the third year in a row. Water rates have gone up every year for the past 16 years.

And now comes word of yet another property tax hike. Yikes.

“Sock it to me. Sock it to me. Sock it to me. Sock it to me” was a long running joke on the late 1960’s hit “Laugh-In” but taxpayers say there’s nothing about the latest attempt by New York City to sock it to them — a new property tax hike.

“With the raises they’re kicking us out from New York. That’s why they try to do,” Bayside resident Ed Simicich said.

“I have known some friends that, you know, because they cannot pay their bills, their houses been taken away,” another resident said.

“I think it’s going to hurt my retirement money. It’s going to be very hurtful,” added Larry Segota.

“Listen, we elect these guys. They promise the moon. Soon as they get into office they go to Bermuda and forget about us and it’s business a usual. We get (expletive) in plain English,” said Roy Morringello.

The latest case of the city reaching into your depleted pocketbooks is being brought to you by the City Council. It’s expected to raise $500 million, by hiking property taxes an average of $173 for one- and two-family homes and co-ops and condos.

For example:

* Taxes on a $500,000 home will rise 4.9 percent to $3,692

* Taxes on a $425,000 co-op will jump 3.5 percent to $5,103

Councilman Daniel Halloran of Whitestone was one of the few who voted against the property tax increase. He said a tax hike at a time when home values are falling and sales are depressed is a recipe for disaster.

“Homeowners in the United States, 1 in 10 of them are in foreclosure or in a pre-foreclosure posture – 1 in 10. It is unbelievable that the government would think at this time it would be a good idea to raise anybody’s taxes,” Halloran said.

The new tax bills should arrive in your mailboxes sometime next month. You’ll have to pay up in January.

In addition to hiking the tax rate, the city Finance Department said it has collected more from homeowners every year for the past five years by increasing the assessed value of their property.

More from Marcia Kramer
  • scott

    Not since the TWEED RING has there been this much municipal coruption. Where is all the money going to? Or is that the Doomberg grandiose plan is to drive all business and home owners out of this city and achieve the ‘Communist” utopia of an entire population of slave subserviant to a few politicial commissars?

  • pat

    NYPD Commissioner Ray Kelly, when you beat the check at the harvard Club do you at least leave a couple of bucks on the table for the wait staff or do you rip them off to?

  • pat

    Why do we need a City Council in the first place? Does it serve the people of this city or does it serve itself?

  • pat

    Maybe NYPD Commissioner Ray Kelly needs this money for more anti-terrorism projects, Like the one that allowed a terrorist to drive a carbomb right into Times Square and with all the money he claims he spent on public safety a hot dog vendor was the only one to notice something suspicious. Then again he does run up a big resturant and bar bill at the Harvard Club and since the story broke about him getting his meals on the arm for 10 years has to start paying his own way.

  • pat

    Hey Christine how much of this money is going to your “secret” slush fund projects? You know like the one you got caught with before? Or does Ray Kelly plan to use this money for more resteraunts? Or does Myaor Doomberg need this money to further run business out of New York City?

  • steve

    Thanks very much for this increase city council (sarc)!!! Still unemployed and getting socked with higher taxes. Feel like im being kicked (again) when already down. What are you people thinking?

  • Kevinf

    Keep voting in the same Liberal Democrats and this is what you get. When will you people wake up.

  • Richie

    Thats why I moved to the Atlanta area. My 200,000 home which I paid 90,000 20 years ago is now worth 140,000 but my taxes are 1798 dollars. My yard sits on two acres about the size of a city block. Gas is cheaper about 20 to 30 cents a gallon less than NYC. A lot of NYers are flocking south, I wonder why.

  • Leo Marshall

    Here’s a stupid question… Why does a $425,000 apartment pay more taxes than a $500,000 house? A dollar of value is a dollar of value, yet some dollars count more than others. How is that fair and equitable?

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