The most expensive home ever sold in the U.S. is worth less than $10 million to New York City tax collectors
Feb. 27, 2019 9:03 a.m. ET
Billionaire Ken Griffin recently paid $238 million for a Manhattan condo, the most expensive home ever sold in the U.S. But according to New York City tax collectors, it is effectively worth only $9.4 million. The difference is the result of New York City’s complex property tax system, which requires that all co-op and condos be assessed as if they were rental buildings. That means assessors look at rental income at nearby buildings and make an estimate of a condo’s value.
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