Tax Assessment

We just received notice that our one family townhouse in Clinton Hill is now valued at $1.9, up from $1.4 last year. We paid under 1 million seven years ago. We also paid around $3k in taxes then. Now we are paying more like $5k and I’m worried we will be paying $7k with the new assessment. I know that’s not a lot of money outside of NYC, but for NYC it is, especially since the taxes have more than doubled in seven years. Any way to get this adjusted?
Thanks

VHR

in General Discussion 8 years and 5 months ago

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Arkady | 8 years and 5 months ago

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Even if you don’t plan to file for an appeal (which I would do), you should go to one of the City-sponsored seminars on doing it. You get one-on-one advice from people who work in the departments & they really know their stuff & can be very helpful. Look for the schedule on the City site – they’re held in each borough.

resident2 | 8 years and 5 months ago

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Assuming you are taxed as a one family and you or any previous owner did not file permits for a change of use or major improvements; the taxes can only go up 5% a year with a cap of 20% over five years.
If you have done major improvements recently there will be an increase based on the $ # on the permits. If you filed a change of use; all bets are off and they can re-assess based on the new value of your “new” building. (new Use)
Your house in Clinton Hill is probably worth almost double what you paid for it seven years ago, you made a good investment and 5-7,000 a year is comparatively cheap compared to what others are getting taxed at.
Make sure to deduct your RE taxes off your federal income taxes along with your mortgage interest.