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[BSR]

15 hours ago, Unicorn said:

You're right. Still lower proportionally in NYC, but that's more sensible. My error!

By the way, NYC does not assess property taxes at a fixed percentage of the property's value.  Different types of property get assessed at different rates.  For example, single-family homes (townhouses or brownstones) are assessed at a lower rate per square foot than condos.  Even units in the same building get assessed at different percentages.  A small 2-bedroom on a lower floor in Central Park Tower is assessed at 0.81% of the condo's value ($59,616 on a $7.35 million apartment) whereas the triplex penthouse is a "bargain" at just 0.23% ($572,232 on $250 million).  Maybe a long-time New Yorker can explain the crazy system 'cuz I sure as heck can't. 

True, Californians pay a much higher rate initially, but you also have Proposition 13.  NYC does have a cap on the percentage increase of your property tax, but it's much higher -- 6% in 1 year, 20% in 5 years.

[+ Unicorn]

Wow. Pretty incredible. Incredibly regressive. Those living in small units actually pay a far lower rate than someone living in a single-family home. In my view, once someone buys a home, the increase in taxes should be capped at the rate of inflation/CPI, unless passed by voters. I have neighbors who've lived in their house for decades. They're probably paying 1/20th the taxes I pay.