New York City real estate just experienced its largest growth since the last year of the pre-crisis boom, with the total market value of taxable property in the city finally exceeding $1 trillion, according to a report from The Real Deal.
Per The Real Deal’s report, the total market value of taxable property in New York City rose 10.6% in the fiscal year beginning July 1, which represented the largest increase since 2008.
From The Real Deal:
Average condo tax assessments rose the fastest among unit types, increasing by 10.7% to $9,302. Average taxes on co-ops rose by 6.5% to $6,837.
Brooklyn saw by far the largest spike in market values, with a whopping 16% increase year-over-year. Queens values climbed by 9.9% while Manhattan, which foots nearly two-thirds of the city’s property tax bill, saw values increase by 9.3%.