Loophole lets $100M NYC penthouse owner pay just $17K in property taxes

One57, a new luxury skyscraper apartment building on New York City's West 57th street.
Mike Segar | Reuters

Talk about a steal: The total property tax bill for a $100 million Manhattan penthouse apartment came to $17,268—a rate of just 0.017 percent— thanks to a controversial valuation loophole.

The calculation, made by The New York Post using data from Revaluate.com, highlights the unusual methods the city employs when calculating real estate values for condos and apartments.

The ultra-low rate was given to the undisclosed buyer of the most expensive apartment ever sold in One57, a new super-luxury tower overlooking Central Park.