Despite the coronavirus pandemic, which has hobbled real-estate values, New York City property owners owe $1.65 billion more in property taxes than they did last year
Assessment date came before shelter-in-place orders led businesses to close and tenants to withhold rentNew York City property owners owe $1.65 billion more in property taxes than they did last year, despite a pandemic that has hobbled real-estate values.
A Wall Street Journal analysis of the latest city assessment rolls found that the industry’s new tax bill will rise 5.7%. That is because the tax assessment date was Jan. 5, well before property values deteriorated in response to the March shelter-in-place orders that led numerous businesses to close and many tenants to withhold rent.
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