I am writing to urge residents affected by jet noise from new flight patterns at LaGuardia and JFK airports to seek property-tax exemptions from New York City to compensate for reduced property values. You should contact your local elected representatives to demand an exemption if your property is affected.
NYC is the landlord for both airports and has leases under which NYC takes in more money as airport traffic increases. In 2013, NYC took in $128 million in rent ($98 million from JFK and almost $30 million from LaGuardia). Meanwhile, NYC is raising property taxes on residential properties without regard to declines in value.
Real Estate Appraisal, a professional journal, estimates residential property values decline 15 to 30 percent when residential properties are suddenly affected by new jet noise. Property Shark reports that property values in Fort Hamilton, Brooklyn, declined 19 percent in the last year.
As a former resident of the Fort Hamilton area, I believe the explanation is new noise from jets headed to LaGuardia. I now live in Bayside, Queens, and know of a number of properties on the market that have not sold because of new noise from LaGuardia.
NYC is responsible for how its lands are used. NYC is making money from the decline in residential property values. If you are an owner you are affected directly because your resale value is lower; if you rent your landlord will pass tax increases on to you.
I urge you to contact your City Council members, state representatives and others to seek compensation for your damage.