Sunday, January 16, 2011

Big Property Tax Increases Coming To NYC

Below are some pretty eye opening property tax increases coming to NYC in 2011. If you are a property owner and would like to appeal my property tax assessment, please contact Brandt Steinberg & Lewis for

WSJ: Co-op and condo owners will pay sharply higher property taxes next year, under a preliminary assessment roll released Friday by the Bloomberg administration. The city attributed the tax increases, due to take effect in July, to higher market values placed on apartment buildings by tax assessors.

Tax collections are expected to rise by 7.5% for co-op owners, and 9.6% for condo owners across the city, according to a summary report released by the Department of Finance.

Owners of single-family homes would pay 2.8% more.

Taxes on rental buildings, often passed along to tenants, will also increase significantly, the report said—by 9% for rent-regulated apartments and by 8.1% for unregulated apartments.

This translates into an average tax increase of $384 for co-ops, $490 for condos, and $107 for single-family home owners. In Manhattan, the tax bill will go up an average of $594 to $9,351 for co-ops and by $970 to $11,348 for condos.

The new assessments are not final. Taxpayers can ask the Department of Finance to make corrections, and can appeal new assessments to the city Tax Commission. The deadline for appeals is March 15 for owners of one- to three-family homes, and March 1 for others.

Under state law, valuations of co-ops and condos are calculated as if they were similar rental buildings, though they are entitled to co-op and condo abatements, usually 17.5%.

Tax collections on office buildings were due to rise by 7.25%, according to the report. In total, city revenue was expected to rise by $900 million under the new assessments, Mr. Stone said.



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