by Laura Matiz 

Citi Bike has announced a massive expansion of the bike-sharing program with Long Island City, Greenpoint, Williamsburg and Bedford Stuyvesant starting in August 2015 and the Upper East Side and West Side in the fall. Forty-eight bike stations will be installed on both sides of Central Park, 27 on the UES and 21 on the West Side. The stations will be installed between 59th Street and 86th Street. Eventually, the Citi Bike system will double in size by 2017, with 6,000 additional bikes and over 375 new stations.  (See expansion map below.)

by Laura Matiz 

The new property tax rates for fiscal year 2016—which started on July 1, 2015—were announced on June 26th after the City Council adopted the Mayor’s budget. For a fuller explanation on the confusing property tax system, see The Byzantine NYC Property Tax System (April 26, 2015). 

The Class 1 (1-3 family homes) property tax rate went up 0.00397 points to 19.554% while Class 2 (condos, coop, rental buildings) property tax rate went up 0.00028 points to 12.883%. As explained in that earlier article, the Class 1 property tax rate is applied to 6% of the market value, while for Class 2 properties, the  rate is applied to 45% of the market value. 

In the table below, I have computed the "true rate" on market value for each class.

Source: The Real Estate Board of New York (REBNY) Newsletter

Category: Property Tax