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Laura Matiz

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Citi Bike Expansion Reaches Uptown

7/26/2015

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Citi Bike Logo
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.)

Of course, the locations and placement of the new stations will be controversial, raising the ire of many for where they are located and for where they are not. It is interesting to note that a recent study in Montreal found that property values were positively affected by their proximity to a bike sharing station.

The program has also announced that the bicycles are being redesigned to make them sturdier and more durable, while making them more comfortable for riders. The annual membership price is now $150, a bargain if you use the bikes often. 

NYC and the Department of Transportation have released a NYC Bike Map with routes, regulations, and tips for all bicycle riders. I have reproduced two legends from the map that are quite useful and informative.  Remember to wear your helmet and happy pedaling. 
Picture
Citi Bike Expansion Map
NYC Biking Laws Graphic
NYC Tips for the Ride
Categories: Transit
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Property Tax Rates for FY2016 Announced

7/4/2015

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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.
Property Class FY2016 Rate On Market Value True Rate
1-3 Family Homes (Class 1) 19.554% 6% 1.173%
Condos, Coops, Rentals (Class 2) 12.883% 45% 5.797%
Source: The Real Estate Board of New York (REBNY) Newsletter
Category: Property Tax
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Laura Matiz

Licensed Associate Real Estate Broker
575 Madison Avenue
New York City, NY 10022
Email: lmatiz@elliman.com
Twitter: @lmatiz
Office: 212.891.7252
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  • Home
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