fighting city assessment of RE taxes

has anyone had any luck in fighting the cities assesment our taxes just DOUBLED!!! their assesment is super high. I know there is a day in may to fight it and was wondering if anyone has gone thru this process!! thanks so much

spicygreencurry

in Taxes 8 years and 8 months ago

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Arkady | 8 years and 8 months ago

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All the applications I made said you had to hand carry them to the office & get a receipt.

bklyngirl | 8 years and 8 months ago

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I went through it and the assesment went my way but they had been overcharging me for over 15 years but only gave me a break going back 3 years. Make sure your C of O is prooperly filed (ex: if you are now a 2 family make sure they are still not listing you as a SRO or 6 family). Then file the complaint by the due date which is late March, April or mid May and then call them after you submit the paperwork. Be sure to send the response certified with signature return receipt or be prepared to go down and deal with them which is hell.

Arkady | 8 years and 8 months ago

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I won’t know for certain until Feb. what impact it has: last year I got a reduction on estimated tax in Jan. but it was rescinded in Feb. My building is unique & I was able to argue that it shouldn’t be taxed as normal for the neighborhood because City codes make it impossible to utilize the space. You’re spot-on w/ your outline of the formula, HP, but the advisers at the seminar were extremely helpful this year & I think I have a fighting chance of a real reduction.

housepoor | 8 years and 8 months ago

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Arkady: Congratulations on getting your assessed values reduced. Did this actually lower your taxes by much? Certiorari lawyers have explained it to me this way: since my Market Value is so much higher than my Effective Market Value (MV is about 2x EMV for me), that even if I got the City to lower the Market Value, as long as it was still above the Effective Market Value, it wouldn’t actually change my taxes in the near term. My actual market value (based on sales in the area of similar houses) is pretty close to the one the City uses, so I’d have a hard time pushing that down a lot, much less cutting it in half. Effective Market Value is Assessed Value divided by 6%. Assessed Value is what the City applies the tax rate to in order to calculate what is owed. But increases in Assessed Value are capped 6% a year/20% over any 5 years. So for the time being, for me EMV will always be a lot lower than the Market Value (failing a collapse in real estate values). The exception to the 6%/20% is improvements to the property. I am told those are not subject to the cap and pass thru to the taxable base immediately. Arkady: was this what you were able to reverse? I have heard you can fight that increase if the DOF re-assessed the value well above other similar (e.g. renovated, same size, etc.) houses in the area. Jennymac: could this increase been the result of a renovation? You read about people who buy flipper houses (or do a big renovation themselves) not realizing there will be a BIG jump in taxes when the new assessment eventually hits. I don’t know if any of these observations are relevant to the poster or Arkady. It does sounds odd that the OP’s taxes would double unless there were improvements involved. This City guide was useful for me: http://www1.nyc.gov/assets/finance/downloads/pdf/brochures/class_1_guide.pdf

Arkady | 8 years and 8 months ago

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I’ve done it 3 times w/ some success. Just got this year’s results yesterday & have a big reduction in assessed value. The key is to go to the seminars they offer in Feb. to get help in understanding the forms (many, many of them) & hints about what part of your argument has strength. You can hire a certiorari lawyer but the ones I phoned weren’t interested in such a small(?) claim & I understand they’re very expensive.