Property tax increase following renovation

As is typical for my neighborhood, the NYC Finance “effective market value” for my property has lagged far behind the actual property value assessment. My question is, what is the effect of a major renovation and new C of O on the effective market value? Certainly the property value assessment will be increased, but is the growth in the effective market value still capped at 6% per year, or will that be increased accordingly as well? If so, does Finance use the estimate from the DOB work plan to determine the increase in value? Thanks!

fractalogical

in Taxes 13 years and 2 months ago

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slopegirl | 13 years and 2 months ago

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I’m pretty sure the tax hikes described in that times article were buildings that are 4+ families…

housepoor | 13 years and 2 months ago

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My experience was that the value of the renovation was added to the market value. In other words it was taxed fully from the get-go. I don’t kow if a C of O change makes a diference unless you go up or down a tax class as a result. We were vistied by  tax accessor, who valued the work done. But we changed tax classes (downward) which may be relevant. There was a NYT article several years ago about the taxes on renovated properties going up several times strictly as a result of renovations., I don’t know if that still happens but you won’t get a free ride since the actual value used is far below whet the City says is the market value