2009-01-02 / Letters

Property Values Plunge As Tax Bills Rise

Dear Editor,

Homeowners whose property values have plummeted in the recent years are unlikely to see a corresponding drop in their real estate taxes. Instead, Mayor Bloomberg has offered us an eight percent increase in property taxes. But as property values drop, the taxable rate per thousand assessed value should decrease, thereby negating an increase in property taxes, but don't hold your breath waiting for any reduced adjustment of you homes values.


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