CLE ANNOUNCEMENT: New York City Property Tax CLE, January 13, 2022

 

REGISTER HERE

When: Thursday, January 13, 2022 from 12:00 PM to 2:45 PM

Where: Zoom – Program materials and login information will be provided to registrants 24 hours prior to the event.

Credit: 2.5 Transitional and Nontransitional CLE Credits – 2.0 in Professional Practice and 0.5 in Ethics and Professionalism

Cost: $250 registration fee, $100 NYC Agency Attorneys

For more information and to register click here.


City Council Intends to Aid Property Owners with Two Tax Deferment Bills

Public Hearing hinges on interest rates and how property tax deferments affect the City budget. On June 18, 2020, the City Council officially introduced two bills that would defer July 1, 2020, property tax liabilities for COVID-19 impacted property owners. One bill addresses the tax liabilities of primary residences and the other addresses the tax liabilities of businesses affected by the pandemic. The bills were originally heard as preconsidered bills at the June 10, 2020, … <Read More>


Realty Trust Must Pay Higher Tax Rate

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 … <Read More>


Mayor Announces Advisory Commission on Property Tax Reform

Advisory commission will conduct comprehensive review of property tax system. On May 31, 2018, Mayor De Blasio announced the formation of an advisory commission to develop recommendations to reform the City’s property tax system. The reform aims to make the property tax system simpler, clearer, and fairer, as well as ensure that there is no reduction in revenue used to fund essential City services. The property tax system has not had an in-depth review by … <Read More>


421-a Property Tax Process Renewed

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 … <Read More>


Property tax on $111 million sale upheld

Realty company claimed property transfer was exempt from City taxes. In April 2007, the Gramercy Capital Corporation purchased a forty-five percent ownership share in the Marbridge building at 2 Herald Square in Manhattan, and the SL Green Realty Corporation purchased the remaining fifty-five percent interest. In December 2010, the two owners formed the 2 Herald Owner LLC and each transferred their respective interests into the Owner LLC. On the same day in December 2010, … <Read More>