CNYC | Property Tax Assessments Rise; Abatements, Exemptions Ease Tax Burdens; Mayor Plans for Continuing Relief

Article Archive

Tax Issues

Published: Winter 1998

Property Tax Assessments Rise;
Abatements, Exemptions Ease Tax Burdens;
Mayor Plans for Continuing Relief

Property tax assessments for fiscal 1999 are up, reflecting the robust health of the economy in New York City. And assessments on cooperatives and condominiums are no exception. Martin Karp, chairman of the Action Committee for Reasonable Real Estate Taxes, reported at the group's January meeting that the City has raised assessments on cooperatives approximately 4% citywide and that condominiums have experienced assessment increases averaging 8%.

Guest speaker Eric S. Weiss, a tax certiorari attorney, reminded the Action Committee that these assessments can be contested through the filing of a protest by March 2nd. Mr. Weiss answered questions about assessments and how to protest increases. Mr. Karp reported on the continuing efforts of the Action Committee for Reasonable Real Estate Taxes to ensure that the City produces the requisite long-term plan to continue the process – begun in 1996 – of bringing fairness to the property taxes paid by New York City homeowners in cooperatives and condominiums.

Growing recognition of inequities in the tax burden of cooperatives and condominiums has resulted in a number of corrective measures in recent years, each of which requires appropriate applications. In the case of cooperatives, the corporation generally has responsibility for distributing to qualifying shareholders the reductions which are credited on the tax bill for the building. These are detailed in the Winter 1998 installment of Tax Action.

Mayor Giuliani's financial plan proposes funds to continue tax relief for homeowners in cooperatives and condominiums. CNYC will monitor budget negotiations to ensure that this funding is adequate to meet whatever formulae the City's long-term plan will provide for 1999 tax relief.

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