Forum
« looking to insulate my roof Bathroom repairs »
March 30, 2006
How to Change Tax Class
I guess being bogged down in renovations has more than the immediate construction costs. I've just woken up to the fact that I've spent the last five years paying taxes for a multi-family property (8 units, according to the finance dept.) while living in a three-family. I'm getting the runaround from the city, bouncing between the registry and the finance folks... trying to explain I don't care if I've missed the March 15th deadline, I just want it changed.
What's the straight answer on this? How do you change your building class?
Comments
You can change it for 2007. You missed the deadline for 2006. Hire a tax attorney.
Posted by: Anonymous at March 31, 2006 8:32 AM
I thought that when you change your tax class, you get re-assessed by the Tax Dept. I remember reading about those unfortunate people in Harlem who found out after doing work on their houses, their taxes skyrocketed (and the periodic caps on tax changes didn't apply). If by changing your tax class you trigger a reassessment and the increase in value is attributed, at least in part, to the work you did, the results may not be what you hoped for. Of course if you plan to sell anytime soon, you'll have to get the class updated. When I changed from a 4 family to a 3 family, my taxes went down, but quickly popped back up and now are double what they were when I bought the house (thank you Mr. Mayor...that $400 check covers about 15% of the increase you hit me with....). I am not sure where they would be if we stayed as a Class II.
Posted by: Anonymous at March 31, 2006 9:02 AM
thanks, anon 9:02, i was hesitant to push forward with this and am certainly not interested in hiring an attorney in the pursuit of saving money.
sounds like i should be content have been under the radar so far, and count those inherent blessings.
any reason why your taxes suddenly 'popped back up'?
Posted by: Anonymous at April 1, 2006 12:27 PM
While the periodic cap on tax increases slows the process down, taxes do go up 4 or 5% a year come hell or high water. But the Mayor's increase in property taxes a couple years ago -- which resulted in something like a 30% jump in one year -- was the killer (and as I mentioned earlier, the $400 rebate isn't even close to making up for the increase). I am always amazed at the low level of taxes in Brooklyn on brownstones vs. Manhattan. A building that might be worth half (as much as the same place in Manhattan) might have 1/10th the taxes. That has to equalize eventually.
Posted by: Anonymous at April 4, 2006 8:26 AM
Post a comment
Please be patient while your comment is published. It may take a moment.