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Protesting tax assessment on co-op building? — Brooklynian

Protesting tax assessment on co-op building?

slopehead
slopehead
edited November -1 in Park Slope
I'm the treasurer of a small coop in the neighborhood and I've received the "notice of property value" from the city for our building. The market value of our building has gone up by $942,000 - which means it more than doubled from the previous year! Has this happened to anyone else? Thankfully, our assessed value has only gone up 2-3% over last year, but I notice their is a provision to protest this increase. My question is, do people routinely protest their assessments? Does it do any good/is it worth the trouble? Are there any tips on how best to protest? (I assume just saying you think it's too much money will not be very persuasive). Any advice would be very appreciated - thanks! :D

Comments

  • benzapp
    benzapp

    Subject: Re: Protesting tax assessment on co-op building?

    Slopehead wrote: I'm the treasurer of a small coop in the neighborhood and I've received the "notice of property value" from the city for our building. The market value of our building has gone up by $942,000 - which means it more than doubled from the previous year! Has this happened to anyone else? Thankfully, our assessed value has only gone up 2-3% over last year, but I notice their is a provision to protest this increase. My question is, do people routinely protest their assessments? Does it do any good/is it worth the trouble? Are there any tips on how best to protest? (I assume just saying you think it's too much money will not be very persuasive). Any advice would be very appreciated - thanks! :D
    Can you protest? Not really, as the value sounds pretty reasonable. I mean seriously, $900,000 for a building? Does that seem fair? You can't even buy a ghetto wood frame house in the south slope for the $900K.

    You get a 5-year phase-in time, so it will be a long time before your applicable assessed value is based upon today's market value.

    Honestly, it sounds like you don't know much about how property tax is calculated in NYC. Your co-op board should probably contact an attorney.
  • slopehead
    slopehead
    I said it went up BY $942,000! The market value is close to $2M right now. However, last tax year the market value was about half that - seems like a huge increase over one year. I never claimed to be an expert on property tax in NYC, that's why I asked for advice.
  • benzapp
    benzapp
    Slopehead wrote: I said it went up BY $942,000! The market value is close to $2M right now. However, last tax year the market value was about half that - seems like a huge increase over one year. I never claimed to be an expert on property tax in NYC, that's why I asked for advice.
    If it went up by $942,000 and the market value is almost $2M, then the previous market value was close to $900,000. That is ridiculously low.

    In any event, read this site:

    http://www.nyc.gov/html/dof/html/property/property_val_valuation.shtml

    And you still should talk to an attorney.
  • brooklynjack
    brooklynjack
    Coops can and do challenge. You need a Tax Certiorari Attourney. Look at the directory at cooperator.com and habitatmag.com you ccan also try posting on the message board there0

    Also try The Council of New York Cooperatives & Condominiums www.cnyc.com and consider joining
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