Here’s good news for property owners in New York City! Property values are up, though only slightly.
The Wall Street Journal reports that market values of New York City properties, including homes, apartment buildings, and commercial spaces, rose by only 3.6%, which is the slowest rate in six years.
The total market value of all New York City properties was around $1.4 trillion, representing an increase of $62 billion, compared to figures from last January.
Commercial property values increased by 2.4%, while hotel values grew ever so slightly by less than 1%.
Property values in the Bronx saw the highest increase at 6.3%, followed by Brooklyn properties at 5.8%, Properties in Staten Island and Queens went up by less than 3%. Meanwhile, property values in Manhattan had the smallest increase at 2.11%.
If tax rates remain unchanged, property tax bills are predicted to rise by 6.7% in the fiscal year beginning July 1st.
This slim growth of property values follows a prolonged slump in the New York real estate market, which saw sluggish home sales and rent growth and decreasing commercial sales.
Meanwhile, the NYC finance department declared Hudson Yards and the World Trade Center as two of the city’s most valuable properties. The World Trade Center is valued at $3.79 billion, while Hudson Yards is worth $3.7 billion.