Re:Why Billionaires Don't Pay Property Taxes in New York
by at-fates-hands on Tuesday May 12, 2015 @04:17PM
(#9534562)
Just read this article from 2014 a few days ago - pretty crazy the way they set property values:
"For instance, when former Citigroup Inc. Chairman Sanford Weill sold that 6,744-square-foot condo at 15 Central Park West for $88 million, the city valued it at only $2.8 million. The entire 201-unit building, which is also home to rock musician Sting and hedge fund manager Daniel Loeb, was valued at $242.6 million."
"For instance, when former Citigroup Inc. Chairman Sanford Weill sold that 6,744-square-foot condo at 15 Central Park West for $88 million, the city valued it at only $2.8 million. The entire 201-unit building, which is also home to rock musician Sting and hedge fund manager Daniel Loeb, was valued at $242.6 million."
source: http://www.bloomberg.com/news/articles/2014-03-10/nyc-proper...
Man, talk about letting huge amounts of tax revenue walk out the door.