What happens to transitional assessed values for property taxes after a change to C of O?

“Does anyone know where to find a good answer?” Consult an attorney who specializes in Tax Certiorari.

vinca

in Dept. of Buildings (DOB) 14 years and 1 month ago

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Boerumresident | 14 years and 1 month ago

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I am looking at a 3 family property that has property taxes currently calculated based upon a “transitional assesssed value” that is only 40 or 45% of the “assessed value” of the property.  Ideally, we’d like to change the configuration to make it into a 2 family and would make filings with DOB.  I already understand that  DOF jumps on any filings with DOB to revisit its market value determination, which leads to the calculation of the assessed value.  However, I can’t find a clear answer as to what happens to the transitional assesed value?  Does anyone know where to find a good answer? Thanks in advance.

mjneuwirth | 14 years and 1 month ago

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I tried to find this out because we are in the middle of the process now of converting the cert of occupancy from 3 to 2 apartments but were unable to.  we will undoubtedly find out within the next 12 months – sorry that’s of no use to you now.