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 … <Read More>
Search Results for: Property Tax
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>
Reducing Racial Bias Embedded in Land Use Codes
Even though the Supreme Court struck down race-based land use controls over a hundred years ago in Buchanan v. Warley, 245 U.S. 60 (1917) it has long been known that zoning continues to create or increase racial and economic segregation. Today communities across the U.S. are reexamining their zoning regulations to create more equal, equitable, inclusive, and resilient communities by removing requirements, limitations, or prohibitions that disproportionately and negatively impact individuals based on race … <Read More>
James S. Oddo: New Borough President Ready to Work Hard and Deliver Results
James S. Oddo, republican and former Council Member was sworn in as Staten Island’s new Borough President on January 1, 2014.
Borough President Oddo was born and raised in Dongan Hills, Staten Island, and bought his first house only a few blocks away from where he grew up. As the youngest of four boys, Oddo values the sacrifices his parents made. Oddo watched his father, a motorman, leave early and get home late to … <Read More>
Claim for Brownfield benefits advances
Property owner sought tax benefits for remediating contaminated sites already under voluntary State remediation consent order. In 2007, National Grid signed a consent order with the New York City Department of Environmental Conservation (DEC) to remediate hazardous wastes from National Grid’s closed manufactured gas plant sites. National Grid removed some of the hazardous waste from two adjacent sites located at 94 N. 13th Street and 121 N. 12th Street, Brooklyn.
London Terrace case remanded
Landlord classified rental apartments as being destabilized and charged tenants market rate rents despite receiving J-51 tax benefits. London Terrace Gardens, located along West 23rd Street in Manhattan and built in 1930, occupies an entire block and has 1700 apartments. After the enactment of the Rent Regulation Reform Act of 1993, London Terrace Gardens began deregulating rent-stabilized apartments through high-rent vacancy decontrol. London Terrace Gardens subsequently received J-51 tax abatement and exemption benefits after … <Read More>