New York City property tax higher on investment properties?

[Kikko Maeyama]

A realtor told me that New York City would charge a higher property tax on an investment property and suggested that I change my mailing address for tax bills from my primary residence to my investment property in order to save tax. I haven't been able to verify this info. Anyone knows about it?

And if it is true and I follow this advice to reduce a property tax, I would think that I would lose Federal tax benefits related to investment properties. Or am I wrong?

[Jason Lee]

Your realtor is talking about the STAR program which is a property tax credit and exemption (not a reduction or change in assessment) for those that use their home as a primary residence. The benefit is probably not worth committing fraud over.