Just down the road a piece in Suffolk:
Residential property, which accounts for about 75 per cent of the city’s overall assessed value, led the losses with a decline of about 3 percent. Commercial real estate, about 19 percent of city property value, shrank by a lesser amount. The exact figure was not immediately available. Farm land accounts for about 4.2 percent of the city’s tax base.
Overall, taxable property shrank in value from $9.04 billion to $8.84 billion. It’s the third consecutive year assessments have declined.
I believe that, on Wall Street, this is known as creating value–or some such mumbo jumbo for making the rich richer and the poor poorer.