45 Great Jones Street, Manhattan. Image Credit: Google Maps

Tax Commission withdrew favorable property tax assessment following audit. 45 Great Jones Street in Manhattan was constructed in 2014 and contains a retail space and five cooperative apartments. The property owner challenged the assessed value for the years 2016/2017 and 2017/2018. The Tax Commission approved a nearly 40 percent decrease in property value for both tax years. The Tax Commission reduced the assessed value for 2016/2017 from $3,244,032 to $2,012,612, and for 2017/2018 from $3,503,554 to $2,026,796. (read more…)