For the first time ever, the total assessed value of Big Apple properties has topped $1 trillion — spurred on by Brooklyn’s surging real estate market.
The tentative assessment roll released Friday by the Finance Department shows that assessed property values jumped 10.6 percent to $1.072 trillion for the 2017 fiscal year, on top of a 9.1 percent bump last year.
“I would say it has to be the most valuable [city in the US],” said veteran property-tax attorney Eric Weiss.
The change has been even more dramatic in Brooklyn, with properties climbing 16 percent, compared with a rise of 7.4 percent last year.
While the citywide numbers didn’t surprise Weiss, he saw the Brooklyn figures as noteworthy: “That reflects the fact that Brooklyn has become a very hot market,” said Weiss.
Mayor Bill de Blasio, who bought in Park Slope decades ago, saw a 14 percent bump in the value of his two homes to $3.24 million.
Michael Dardia of the Citizens Budget Commission said Brooklyn is showing a “historically strong increase” in market values.
“That’s not driven very much by building . . . but by the very strong rental markets, and the rise in rents in [sections] of the borough,” Dardia explained.
In Manhattan, market values rose 9.3 percent, while Queens saw a 9.9 percent hike. The Bronx went up 5.9 percent, while Staten Island saw a 5.3 percent jump.
It’s great news for the city, but not for property owners who are staying put. Higher assessments mean higher taxes — and the average bill for single-family homes is expected to go up $187 to $5,138.
Taxes on the average co-op were scheduled to increase by $419 to $6,837, while the average condo was climbing $932 to $9,302.
One thing that didn’t change much was the city’s assessment of the first condo purchased for $100 million at the super-luxury 157 W. 57th St., which was assessed last year at just $6.7 million.
This year, the city says the pad is worth $8.1 million.
Assessments are based on the cost of renting apartments in nearby buildings.
“It’s insane,” said Leonard Steinberg, who heads Compass, a real estate brokerage firm.
The Finance Department will finalize the assessment rolls in May, after which the City Council must OK them.
Single-family homeowners have until March 15 to file challenges, while other property owners must file their appeals by March 1.
