|
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.
|
