The Bronx saw a 46% increase in new construction value,
Finance Commissioner Jacques Jiha said.
Some homeowners will be paying more in taxes after a strong real estate market and new construction have led to nearly double-digit growth, according to the Finance Department's preliminary tax assessments and the NY Daily News.
The city’s hot real estate market led to a whopping 9% hike on assessed property values, which will likely force some homeowners to fork over more in taxes.
The Finance Department released its preliminary tax assessments on Thursday, with most of the nearly double-digit growth the result of strong real estate sales.
Another 2% was attributed to new construction — which includes a Bronx boom.
The borough saw a 46% increase in new construction value, Finance Commissioner Jacques Jiha said.
The city uses the assessment numbers to gauge how much people will pay in taxes.
According to the city’s estimates, market values on class 1 properties — primarily one, two and three family homes — rose 7%.
Market values on condo and cooperatives went up by 11%, according to the department.
To check the assessment for any property in the five boroughs, go to www.nyc.gov/finance. Owners who think their assessment is wrong can appeal on the same site.
