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    Search results for "Property Tax" CityLaw

    NYC Property Tax System Upheld

    CityLaw  •  Property Tax  •  Citywide

    An organization challenged New York City’s property tax system as unfair, unconstitutional and discriminatory. Tax Equity Now NY LLC, an association of property owners and renters, filed a lawsuit challenging the New York City property tax system. The owners and renters alleged that the City’s property tax system was unfair and results in racial discrimination. The association made several claims: the owners of one-, two- and three-family homes pay too little in taxes as a result of caps and low percentage valuations; condominium and cooperative owners pay too little because the units are valued as if they are rental properties; and that the condominium property tax abatement program is arbitrarily applied. The association also claimed that the New York City property tax system violated the Federal Fair Housing Act because it disproportionately taxes properties in minority communities at higher rates. (more…)

    Tags : CityLaw, constitutional law, property tax, racial discrimination
    Date: 07/25/2020
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    421-a Property Tax Process Renewed

    CityLaw  •  Agency News  •  Citywide

    NYC HPD

    The revised Section 421-a offers new opportunities for affordable housing. The 421-a property tax exemption began in 1971 as an incentive for developers to develop badly needed housing in New York City. When the real estate market rebounded in the 80s, the program was amended to condition tax abatements on the construction of affordable housing units. The program expired in June 2016. In its place, the State Legislature passed the “Affordable New York” program in 2017. (more…)

    Tags : 421-a, housing, New York City Property Tax, property tax, RPTL 421-a
    Date: 03/07/2018
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    CityLaw: Three Policy Questions for Nonprofit Property Tax Exemptions

    CityLaw  •  Charles Brecher and Thad Calabrese
    Lincoln Center, with properties valued at $1.1 billion, is exempt from property tax as a cultural institution. Image credit: Matthew Bisanz

    Lincoln Center, with properties valued at $1.1 billion, is exempt from property tax as a cultural institution. Image credit: Matthew Bisanz

    A long-standing feature of American tax policy is the exemption granted to nonprofit organizations, the largest of which is the exemption from local property taxes. The exemption, with origins back to the 18th century, is widespread. Among the 50 states, 17 state constitutions mandate property tax exemptions for charitable organizations, 25 authorize the legislature to give exemptions, and eight do not address the issue. New York State establishes two classes of exemptions for nonprofits:  mandatory property tax exemptions apply to religious, educational, hospital, mental health and certain other charitable institutions; permissive exemptions are given to most other nonprofits, but localities may remove them. New York City has not passed any limiting local legislation.

    (more…)

    Tags : CityLaw cover article, New York City Property Tax, property tax exemption
    Date: 05/05/2015
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    Realty Trust Must Pay Higher Tax Rate

    CityLaw  •  Real Property Tax  •  Murray Hill, Manhattan

    One Park Avenue. Image Credit: Google Maps

    City Tax Appeals Tribunal determined transfer was not eligible for special reduced rate. One Park Avenue Mezz Partners LLC, a subsidiary of industry giant Vornado Realty Trust, held a 100 percent equity interest in a commercial building located at One Park Avenue in Manhattan. In March 2011, while looking to refinance the building, Vornado had that equity interest transferred in full to two new subsidiary real estate investment trusts. The compensation was roughly $5.6 million ($2.25 million in cash and $3.375 million in the form of ownership stakes in the grantee trusts). (more…)

    Tags : CityLaw, New York City Tax Appeals Tribunal, One Park Avenue, property tax, Real Property Tax Law
    Date: 01/06/2020
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    Ellen Hoffman: President of the New York City Tax Commission

    CityLaw  •  Ellen Hoffman
    Ellen Hoffman

    Ellen Hoffman

    Ellen Hoffman, a lawyer for 40 years, earned a JD from New York University School of Law in 1977 and an LLM in Taxation in 1978. She began her career in tax law at a private firm in New York City, when after 11 years, she felt the urge to do something different. Hoffman stumbled upon a posting for a tax attorney position with the New York City Department of Finance and, as Hoffman said, “the rest is history.”

    (more…)

    Tags : Ellen Hoffman, Tax Appeals Tribunal, The New York City Tax Commission, The Office of Administrative Tax Appeals
    Date: 05/31/2016
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