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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Events

BUILDING ENVELOPE ISSUES FOR POST WAR BUILDINGS
Tuesday, September 14, 2010
7 PM
Location to be announced

FIRST-TIME HOMEBUYER SEMINAR: MAINTAINING HOME OWNERSHIP IN CHALLENGING ECONOMIC TIMES
Tuesday, September 14, 2010
6:00 - 9:00 PM
Adam Clayton Powell, Jr.
State Office Building
163 West 125th Street, 17th Floor
Harlem CDC - Conference Room

SELF-MANAGEMENT 101 : A 3-Session Program for Small Buildings
Tuesdays, 9/21, 10/19 and 11/22, 2010
7 to 9 PM
Location to be announced

NYARM REAL ESTATE EXPO
Wednesday, September 22, 2010
8 AM to 4 PM
Hotel Pennsylvania at 7th Ave & 33rd St, NYC

HOW CO-OPS AND CONDOS CAN COMPLY WITH
NYC'S NEW GREEN BUILDING REGULATIONS
Wednesday, September 22, 2010 - 6:00 PM
Science, Industry and Business Library (SIBL)
Conference Room 018 Lower Level
188 Madison Avenue @ 34th Street

THE ASSET OVER YOUR HEAD
Wednesday, September 29, 2010
7 PM
Location to be announced

WORKSHOP FOR BUILDING TREASURERS
Thursday, October 7, 2010
7 PM
Location to be announced

INTRODUCTION TO CO-OP BOARD RESPONSIBILITIES:
An Intensive Seminar for New Directors
Wednesdays, October 20 and 27, 2010
6 - 9:30 PM
Queens Location to be announced

AN AESTHETIC MASTER PLAN FOR YOUR BUILDING
Wednesday, November 3, 2010
7 PM
Location to be announced

30th ANNUAL HOUSING CONFERENCE
Sunday, November 14, 2010
8 AM to 5:15 PM
Baruch College, Newman Vertical Campus
55 Lexington Ave., NE corner of East 24th St.

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250 West 57th Street, Suite 730
New York, NY 10107-0730
Tel: (212) 496-7400
Fax: (212) 580-7801
E-mail: info@cnyc.coop