Property Taxes on a former religious facility converted back to Residential

I’m buying a brownstone in Bed-Stuy that is currently classified as a M-9 Church facility with the Dept. of Finance, even though it’s been converted back to residential use. The Dept. of Finance says it’ll send out an Assessor as soon as I take ownership, to convert it back to a Class 1 property. My question: Does anyone know how they’ll calculate the assessed value of the property? Will it be based solely on the current market value, or will they base it on the assessed value of the property when it was last a residential use plus the allowed increase under the law? I’m concerned that because it’s newly renovated, I’ll get assessed at the full market value and end of paying thousands of dollars in property taxes every year because of its brief life as a religious facility.

bdavis22

in Taxes 11 years and 9 months ago

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mozeeatupu | 11 years and 9 months ago

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The formula used: DETERMINE MARKET VALUE We value your Class 1 property based on prices of similar properties that sold in your neighborhood. DETERMINE ASSESSED VALUE Market Value x level of assessment (modified by caps on assessment increases) = Assessed Value PROPERTY TAX BILL Taxable Value x tax rate _ abatements (reductions to the tax) = Property Tax The price you paid for the house will have some relevance also. Also if they know its renovated, that gets thrown in the mix.

ventilated | 11 years and 9 months ago

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Your lawyer should be advising you on this, or referring you to an attorney who specializes in property tax questions. You’re most likely to be assessed at current residential market value–that is the value of current comparable residential sales, not previous assessed value or anywhere in between.