My Brooklyn Report

Just as we were going to publish the first installment of our 7 part series on Short Sales in Brooklyn Real Estate, our editor wanted to make sure our readers were not only receiving great information about short sales, but also knew where these opportunities were. I thought the suggestion made a lot of sense [...]

Is there any evidence pointing to a recovery in Brooklyn real estate trends in sales and rentals? We identify 4 things that give proof of a market correction underway and what it will mean for you, the homeowner and tenant.

How much are you being charged for Property Taxes in New York City?

I’m sure the thought has crossed your mind. However, we understand why property tax is collected. It takes a lot of money to run a City that never sleeps.

Property Tax in New York City funds public school education, police and fire protection, emergency services, garbage pick up, public health care and hospital services, roadway and street maintenance, etc…

And while New York City has diverse sources of revenue (Sales Tax, Transfer Tax, Fees, Fines, etc…), its largest source is Property Taxes.

During 2007, New York City appeared resilient in the face of the national foreclosure crisis experienced in other states and major cities. In California, Nevada and Arizona, the number of homeowners defaulting on sub prime mortgage loans threatened the financial stability of each state.

However, 2009 finds New York City at the place that each of the states mentioned were, back in 2007. And each are in far worst shape than we are today. Which should cause great concern for the prophetic nature their misfortune bodes for New York City as we implement the same measures they attempted.

I can remember coming from the store each Sunday morning with the Daily News, my mother’s newspaper of choice. And after breakfast she’d sit on her bed and get caught up with the “State of the Condition”, often quoting her mother’s wisdom about how…