Alt CO impact on prop taxes

Anyone here with personal experience who can comment? I have always heard the property tax cap will be removed and the bill will reflect the full value of the home a year after a major renovation (what used to be called an Alt 1) such as a C of O change.

cate

in Taxes 9 months ago

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shuser | 9 months ago

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Hello all

We are looking at putting on offer on a a 2 family home that has a monthly tax of $410, but has an Alt CO that converted it into a 2 family from a 1 family and a recently issued new CO from the DOB. They 2024-2025 assessed value did not change to reflect the new CO.

Should we expect taxes to go up significantly once DOB takes cognizance of the same – is that a fair assumption as we think about the value proposition on this property? How much of a lag before taxes go up and is there a way to estimate by how much?

Thanks
SAM