Lawyer to contest assessed property value

Just received on a property tax assessment, and my market value is up +130% from last year.
Did a gut Reno – SRO to 3 family conversion in Bed Stuy – completed in 2013.
Property bill switched to class 1 already last year (I requested the reassessment in 2016), so one would think the added value from the renovation was already reflected in there.
Today I received the new assessment for 2018 – the market value was increased by 1.1 million, based on effing what?

I already paid more than my neighbors in similar homes, now it will probably double

Something is not right

Augustiner

in General Discussion 8 years and 1 month ago

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Arkady | 8 years and 1 month ago

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I’m not sure that doing an RPIE would be a bad idea. I got taxes reduced on a building by citing past RPIE forms & data. It depends, of course, on what figures you have for income vs. expense.

Augustiner | 8 years and 1 month ago

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is the 6% cap removed permanently after renovation?
Market values have doubled for tax purposes since my C of O was issued.
So essentially I could be paying 40% less if the CAP was lifted at the correct point in time.

Taxation should be based on transparent laws, not some made up shadow bureaucracy.

PK | 8 years and 1 month ago

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Call MGNY Tax Consultants at 718-522-1111 and speak to Michael or Yuri. But call right away because you need your Income and Expenses and I believe it has to be submitted by March 1 (I could be wrong – maybe the 15th). Anyhow – they charge 25% of what they save you over a few years. Last year they saved me $1,100 on an $80,000 tax bill – but I’ll take it

Arkady | 8 years and 1 month ago

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Go to this seminar tomorrow. Notice of Property Value (NOPV) Public Workshops
6:00pm-8:00pm
Brooklyn Borough Hall
209 Joralemon Street
Brooklyn, NY 1120

resident2 | 8 years and 1 month ago

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I feel your pain; I have been there.
But no it does not go by when the project was finished…. but by when the assessors get round to it, they work slowly. 2-3 years is about average, to do something that should be done in the same year.
You might also get some idiot that will tell you to apply for a J51 tax abatement; do not waste your money… it will eventual come back that you do not qualify because you converted an SRO. As if that was the wrong thing to do as well!

Augustiner | 8 years and 1 month ago

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@resident2 – thanks for your great response, as always!

My market value was re-assessed with the C of O tax-switch in March 2017.
Is it crazy to assume that increases should have been capped afterwards?

In case that is wishful thinking, shouldn’t the market value be assessed for the point in time the reno was completed? That would make a difference of 40% in my area. Now I am the idiot who is locked into 2018 sales prices forever while having completed the reno in 2013.

Jan 2017 – Market value / tax class C2 / $ 185.000
Mar 2017 – revised property value / changed to tax class 1 / $ 750.000 (+$ 565.000)
Jan 2018 – Market value / $ 801.000 (+$ 51.000)
Feb 2018 – notice of revised property value / $ 1.909.000 (+$ 1.108.000)

Augustiner | 8 years and 1 month ago

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Thanks for the helpful answers, even though they don’t offer much hope.

It seems you get punished for doing it the right way. I created rental apartments out of a wreck that was abandoned for 10 years, everything was done by the book.

Lessons learned:
– the lack of affordable rental apartments is directly caused by the city
– as a homeowner: don’t improve things and raise your neighbor’s property value, just be a slumlord and let everything fall apart.

mozeeatupu | 8 years and 1 month ago

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Lawyers for tax assessment only work on multi million dollar properties paying enormous taxes since they get paid on a percentage of how much the owner recoups.

resident2 | 8 years and 1 month ago

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Unfortunately there is nothing a lawyer could do for you. You are getting hit with the Reno, new C of O hit as well as the SRO to class A hit.
And yes, you will be paying more than your long time neighbors because you have created a “new” house; assessments on “new” houses are based on current market values. Which I am sure is still less that real market value.
You can go down to the tax assessors office & try to beg them to be more reasonable. It can be like lets make a deal if you have the right assessor, although these days they do not have the discretion that they used to have.
Just do not fall for the “fill out the income & expense statement” solution. You will be paying 1/3 of the gross rental income in taxes. Your portion they calculate on market rent. (If you are an owner occupant)
The tax assessors office always takes a few years to work out the new tax for a finished building.