NYC-WTC_000195490

NYC 9/11 Public Portal Document

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rax Rates: From 1983 through 1992, with the tax levy increasing at a rate in excess of the growth in billable assessed value, the average tax rate rose from $9,120 to $10,591. In 1992, there was a significant shift pl; in class shares as a result of the introduction of the market value adjustment mechanism. Class 1, 2 and 4’s tax rates increased significantly while Class 3’s rate declined, reflecting a sizeable drop in its share. Although there was a commitment to freeze the average tax rate at $10,591 per $100 of assessed value after 1992, class tax rates continued to change due to the market value adjustment. Class 3’s rate declined considerably in

■ Jd 1994, mainly as a result of a change in the assessment percentage whiqh caused the class’s billable assessed value to increase dramatically while the Class 3 share decreased proportionally less. The increase in billable assessed value which did not reflect market value change did not yield additional tax levy, and as a result the I hih ■ “freeze” tax rate of $10,591 fell to $10,366. In 1998, the 2.50 percent pap further limited the effect of the IIh^ market value adjustment oti the share of the levy attributable to Classi 1 and 3. Consequently, Class I’s tax rate, which would have exceeded $11 per $100 of assessed value under a five percent cap, increased only to $10,849. Class 3’s tax rate increased to $8,282. The tax rates for Class 2 and 4 fell slightly, to $11,046 and I Sie- $10,164^ respectively. In 1999, the 2.50 percent cap limited the Class 1 rate increase to only $0.11. The Class 2 rate declined $0.31 and was unaffected by the 2.5 percent cap. Glass 4 ended up with a $0.07 rate increase as a result of shifted tax burden from Class 1 and Class 3. In 2000, the lower cap limited the rate increases for Hk Class 1 and 3 to $0.21 and $0.60, respectively. The Class 2 tax rate was unaffected by the cap and rose by $0.11. Class 4’s potential rate drop was restricted under the lower cap which limited-the decrease to $0.25. In 2001, the lower cap limited the rate increases to Class 1 and 3 to $0.09 and $1.14, respectively. The Class 2 tax rate was unaffected by the cap and dropped by $0,004 while Class 4’s rate chatiges were restricted under the lower cap, and the class saw a rate decrease of $0.22.

Class Tax Rates*

Class 1' Class 2 Class 3 Class 4 Average

1983.. $8,950 $8,950 $9409 $9,294 $9,120 1984.. 9.100 9.057 9.237 9.323 9.206 1985.. 9.100 9.150 9.0^ 9.460 9.255 1986.. 9.100 9.150 /' 9.051 9.460 9.256 1987../. 9.330 9.150 9.172 9.460 9.315 1988.... 9.330 9.150 9.942 9.460 9.434 1989.. 9.452 9.272 11.289 9.582 9.703 1990........ 9.452 9.229 i2.903 9.539 9.797 1991**..., 9.840 9.154 15.079 9.924 10.135 1992^.. 10.888 9.885 / 13.083 10.631 10.591 1993f.. 10.888 9.910 12.794 10.698 10.591 19941.. 10.900 10.369 7.404 10.724 10.366 1995... 10.694 10.552 7.702 10.608 10.366 19^6... 10.725 10.807 7.922 10.402 10.366 1997.. 10.785 11.056 7.840 10.252 10.366 1998........ io.849 ' 11,046 8.282 10.164 10.366 1999........ 10.961 10.739 8.800 10.236 10.3^6 2000'....i... 11.167 10.851 9.398 9.989 10.366 2001.. 11,255 10.847 10.540 9.768 10.366

* Tax Rate per $100 of assessed value. 11!i' ** Does not include funding for the "Safe Streets, Safe City" program, a niid-year tax increase of 80 for Class 1, 7.40 for Class 2,12.10 for Class 3 and 80 for Class 4.

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NYC-WTC_000195533