City’s withdrawl of offer approved

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 … <Read More>

NYC Property Tax System Upheld

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>

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>

NYC Banking Commission Recommends Eliminating Interest on July Property Tax Payments

The recommendation will also impact interest rates for small property owners not impacted by COVID-19. On May 13, 2020, the New York City Banking Commission recommended that the City Council create a new hardship exemption to eliminate interest on late payments for property taxes due in July for small property owners who faced financial hardship due to COVID-19. The Banking Commission is comprised of Mayor Bill de Blasio,  Department of Finance Commissioner Jacques Jiha, and … <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>