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(Wall Street Journal) — Through all the turmoil that erased billions of dollars from the value of U.S. homes, owners in New York City are seeing their property tax continue to rise without skipping a beat.

Don’t believe it? Just check the city tax bills going out to homeowners.

The latest bills sent out by the city in June were an average of 5.8% higher than a year earlier for most homeowners, 4.8% higher for condo owners and 4.3% higher for co-op owners, That’s even though Mayor Michael Bloomberg and City Council decided to keep New York’s property-tax rate unchanged for this year.

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