Dept. of Finance

Co-op / Condo Group Sets Rally to Support Tax-Fairness Bill

Tax Revolt 2012:  By Frank Lovece

It’s a rite of spring, but this year the composer is Stavisky, not Stravinsky. With the New York City Department of Finance issuing its annual property-tax assessments, State Senator Toby Anne Stavisky is again attempting to level the playing field for co-ops and condos. A Queens activist group has thrown its weight behind the measure — urging board members from all boroughs to join in supporting a law to treat co-ops and condos like residential property, and not, as now, higher-taxed commercial real estate.
March 30, 2012 — The value of your co-op or condo is flat compared to last year. It might even be down. In fact, unless yours is one of those multimillion-dollar apartments that always seem to flip for millions more, your place almost certainly hasn’t seen any great increase in its value.Which makes 20- to 50-percent increases, which Bob Friedrich of the Presidents Co-op & Condo Council (PCCC) says the New York City tax department is assessing several Queens co-ops / condos this year, all the more difficult to understand.Except, not really. But whether it’s fair or not is another story.

“It’s counterintuitive that a condo unit you bought for 10 percent more than you could sell it for today has gone up in value,” admits Dept. of Finance spokesman Owen Stone. “But if the rental market is moving up, you’re still going see an increase in the value of your home.”

When a Home Is Not a Home

By “home” he means “co-op or condo,” not single- and two-family homes and townhouses. That’s because under New York State’s Real Property Tax Law Section 581, co-ops and condos are assessed as if they were “comparable” income-producing commercial properties — i.e., rental buildings. And rents generally tend to go up, regardless of what the sales market does.

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A Tax Surprise

Despite real estate slump, city tells some homeowners that their market values are up

March 01, 2010  By Caren Chesler

Down market? What down market? In the wake of one of the biggest housing declines since the Great Depression, some New Yorkers saw the values of their homes rise last year — on the city’s tax records.

Townhouse prices in Manhattan were down 32 percent in 2009 from 2008, according to data from Miller Samuel. And yet the city’s Department of Finance hiked the market values of some townhomes in Upper Manhattan by as much as 20 percent. (Co-ops, as a class, were up 1.8 percent on average.)

In the eyes of the city Department of Finance, the market value on Meghan Beard’s two-family Harlem townhouse increased from $1.15 million to $1.32 million in the last year, which will apply to the tax year beginning on July 1. Alan Wang’s one-family, meanwhile, rose from $1.05 million to $1.2 million.

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