Property tax increase following renovation

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

slopegirl

in Taxes 13 years and 7 months ago

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fractalogical | 13 years and 7 months ago

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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!

housepoor | 13 years and 7 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