I am trying to understand property taxes in New York City (borough of Manhatten).

Some buildings seem to have very low assessed values. For example, a building might be listed in ACRIS as having a $12 million "market value", but then it will say "6-20% LIMITATION" value $150,000 and then announce: "your taxes are based on the assessed value", meaning the $150,000. How can a building worth $12 million have an assessed value of $150,000?

I am trying to understand property taxes in New York City (borough of Manhattan).

Some buildings seem to have very low assessed values. For example, a building might be listed in ACRIS as having a $12 million "market value", but then it will say "6-20% LIMITATION" value $150,000 and then announce: "your taxes are based on the assessed value", meaning the $150,000. How can a building worth $12 million have an assessed value of $150,000?