Billionaire Ken Griffin set a record with his $238 million condo — but New York City values the property only at $9.4 million. The city’s property tax system requires all condos and co-ops to be assessed as if they were rental buildings, the Wall Street Journal reported. Assessors look at rental income at nearby buildings to estimate a condo’s value. So Griffin’s effective tax rate comes out to about 0.22 percent. The tax rate is […]
source https://therealdeal.com/2019/02/28/the-city-values-ken-griffins-record-setting-238m-penthouse-at-9m-heres-the-math-behind-that/
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