New York City's city tax assessors are on the front lines of a resounding boom in the market, with current property values marking the largest increase since the tax year ending in June 2008. Josh Barbanel from the Wall Street Journal wrote an article about the trillion-dollar city, where the total market value of taxable property rose to $1.072 trillion for the fiscal year beginning July 1, a 10.6% increase from the $969.4 billion reported this year. The most valuable office building, according to the new data, is the Bank of America Tower on West 42nd Street at Sixth Avenue valued at $1.7 billion. The most valuable mixed-use building was Time Warner Center at Columbus Circle valued at $2.02 billion.
"This year's tax roll is simply a reflection of New York City's growing real estate market," said Jacques Jiha, commissioner of the NYC Department of Finance. "We know revenues will not continue at this pace, so we must continue to maintain strong reserves to protect the City's fiscal health," added Amy Spitalnick, a spokeswoman for the city's Office of Management and Budget. For the city, the strong property values could mean hundreds of millions in additional tax collections on top of the $23.5 billion forecast for the fiscal year beginning in July in the city's November 2015 Financial Plan.
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