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I own a townhouse which has a 3 family C of O. from the buildings dept. The Dept. of Finance mistakenly has it listed as a 4 family for tax purposes making it a class 2 property. OK, so now I pay about $7400 a year in taxes. My neighbor next door whose building is an identical 3 family with similar market value according to the city, pays $4700. In addition, he has a transitional assessed value of approx 28,000 compared to my taxable value of around 55,000. Why? In addition , the interiors of his building is nicer and would probably sell for more.
With a guaranteed increase every year of 8 percent, I will get choked out of my building in a few years with an out of control tax bill and unfairly so since I am legally a 3 family.
Has anyone changed their status and not gotten punished by the city for opening up this can of worms. Will the city ever reduce their taxable value of a property when changing the class? Does anyone know a great property tax attorney?
Stuff like this keeps me up at night and I need to sleep!