As a percentage, NYC real estate taxes are pretty reasonable. The overall taxes are high because the value of the property has been skyrocketing.

I feel a bit sad for the people who are being taxed out of the neighborhood, but I don't think they would give up the run up in the resale value. They're going to get all of that gain when they sell. ALas, that might not be for awhile.

That is a good question/distinction, but even with that taken into account, some of the numbers in that article are not that far off from other places. That $2.3 million dollar house had $28,000/yr in property taxes, and here in Oregon that would be somewhere in the $30k/yr range.

However in Oregon there was a measure passed in the 90s that limits gains in evaluation of an existing house to 3%, and as a result every house always goes up by 3% assessed value. That makes it more predictable, as you can always expect that value to go up every year.

Yikes! We have a similarly capped appreciation rate, and my annual property taxes are much less that $10K CAD here in Toronto. Those numbers seem wild to me, but who funds what and how can vary so much between jurisdictions, it's hard to make sense of it.

Both. I swapped a city coop for a similarly priced house in Westchester and the tax bill quadrupled.

How did your ranking on the property ladder change with that move? If you moved from a middle decile to the top, that would make sense. I would guess that there are enough zillionaires in New York that everyone else gets to pay less.