Tax Impacts of Changing C of O
Hi, I am considering adding an additional floor on a two story brick townhouse and converting it from 2 family to 3 family. Is there a way to calculate how much the property tax will increase? Will changing the C of O eliminate the 6% cap on the tax increase? Any advice would be helpful.
Hi,
I am considering adding an additional floor on a two story brick townhouse and converting it from 2 family to 3 family. Is there a way to calculate how much the property tax will increase? Will changing the C of O eliminate the 6% cap on the tax increase? Any advice would be helpful.
Thanks vinca,
I remember reading this article several years ago. It is unfortunate, especially in this recession, that the city is not promoting homeowners to upgrade their properties.
The cost of your renovation will be as important, if not moreso, than the change of CO. You might want to read this article as a cautionary tale, even though it is dated (2005) and covers some key differences from the question you asked. IIRC, at least one of the families was able to challenge and reduce their assessment, but not entirely, and not without great effort: http://nyti.ms/aVxII0