NYC site undertaxed (or overvalued?)
A 5500 sq ft lot in Flushing, offered for $3.49 million, pays taxes of only $12,000/year according to this ad. That’s about 1/3 of 1%, if the value is at the asking price. Typical residential properties pay about 3 to 6 times this percentage of value, I think. The asking price works out to $634/sq ft., which seems like a lot for a site in an outer boro, altho I’m not very familiar with NYC land prices.
Tags: Flushing, Queens, undertaxed