I always thought the low property taxes in NYC were twofold:
1. The absolutely staggering incomes at the top top end in NYC make income taxes a more effective revenue source.
2. In addition to property taxes, if you own an apartment in a building, there are a lot of other monthly costs. As I’m writing to this, it occurs to me that they may be completely equivalent to the maintenance costs on a house, but I suspect that condo and co-op boards are not nearly that efficient.
1. The absolutely staggering incomes at the top top end in NYC make income taxes a more effective revenue source.
2. In addition to property taxes, if you own an apartment in a building, there are a lot of other monthly costs. As I’m writing to this, it occurs to me that they may be completely equivalent to the maintenance costs on a house, but I suspect that condo and co-op boards are not nearly that efficient.