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    City’s withdrawl of offer approved

    Property Tax Assessments  •  NoHo, Manhattan

    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…)

    Tags : audit, property tax, tax assessment, The New York City Tax Commission
    Date:01/04/2021
    Category : CityLaw
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    NYC Property Tax System Upheld

    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. (read more…)

    Tags : CityLaw, constitutional law, property tax, racial discrimination
    Date:07/25/2020
    Category : CityLaw
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    City Council Intends to Aid Property Owners with Two Tax Deferment Bills

    Property Taxes  •  Citywide

    Public Advocate Jumaane Williams Image Credit: NYC City Council

    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, Committee on Finance public hearing.

    (read more…)

    Tags : Andrew Cuomo, Council Member Margaret Chin, COVID-19, Department of Finance, Governor Andrew Cuomo, property tax, Public Advocate Jumaane Williams, Small Business Relief
    Date:06/24/2020
    Category : City Council
    (1) Comment

    NYC Banking Commission Recommends Eliminating Interest on July Property Tax Payments

    Property Tax  •  Citywide

    (Left to Right): Mayor Bill de Blasio, Department of Finance Commissioner Jacques Jiha, and Comptroller Scott Stringer./Image Credit: Office of the Mayor, Department of Finance, and Office of the Comptroller

    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 Comptroller Scott Stringer.

    (read more…)

    Tags : Banking Commission, City Comptroller Scott Stringer, Commissioner Jacques Jiha, COVID-19, Mayor Bill de Blasio, property tax
    Date:05/27/2020
    Category : Banking Commission
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    Realty Trust Must Pay Higher Tax Rate

    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). (read more…)

    Tags : CityLaw, New York City Tax Appeals Tribunal, One Park Avenue, property tax, Real Property Tax Law
    Date:01/06/2020
    Category : CityLaw
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    EVENT ANNOUNCEMENT: New York City Property Tax CLE 2020

    Property Tax CLE  •  New York Law School

     

    Date: Thursday, January 23, 2020

    Time: 2:00 p.m. – 5:10 p.m.

    Location: 185 West Broadway, (Bet. Worth and Leonard Sts.), Auditorium

    *Registration: $250 General Admission / $100 NYC Agency Attorneys

    CLE: 3.5 Transitional and Nontransitional CLE Credits: 3.0 in Professional Practice and 0.5 in Ethics and Professionalism

    (read more…)

    Tags : CLE, Events, property tax, Tax CLE
    Date:12/23/2019
    Category : The Center for New York City Law
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