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 [...]

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.

On October 14th 2005, Lucylla Baynes purchased 2415 Dean Street in Ocean Hill Brooklyn for $505,000. She purchased the property from Anita Sussman, who purchased the home on June 20th 2005 for $340,000 from Richard Cabello (neither Anita Sussman nor Richard Cabello ever lived at the property).

Back on July 28th 1967, Thomas M. Chisolm obtained the deed to 672 Decatur Street in the Ocean Hill neighborhood of Brooklyn, New York. No doubt, a proud moment for Mr. Chisolm and his family, as many of us reading can recount the excitement of closing the purchase of our first home. Home ownership, The [...]

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…