NYC Property Tax Newsletter - November 2024
It is my pleasure to introduce the November 2024 issue of our Property Tax Update newsletter. This publication provides key insights into the latest trends in New York City property taxes. You can read the full articles and stay updated by viewing and subscribing to our NYC Property Tax blog at: https://www.rosenbergestis.com/blog/category/nyc-property-tax/
The New York Times mentioned our blog last week in its Housing Crunch series.
Also, if you haven’t already seen, the City finalized the tax year 2024/25 property tax rates:
As the largest New York City real estate law firm, Rosenberg & Estis, P.C. remains dedicated to offering the highest level of expertise and service. We greatly value your continued trust and look forward to supporting your property tax and legal needs.
From the Blog
The Changing Threshold for the TC309 Requirement: A Look Ahead to 2025/26
Nov 4, 2024 | I predict that the TC309 threshold will increase to between $5.4 and $5.6 million for the 2025/26 tax year. This adjustment is pursuant to Local Law 42 of 2019 and marks the first increase since this new law was enacted. From 2019 to 2024, the TC309 threshold stood at... https://www.rosenbergestis.com/blog/2024/11/the-changing-threshold-for-the-tc309-requirement-a-look-ahead-to-2025-26/
NYC Comptroller’s Audit Finds Co-op/Condo Tax Abatement Program Largely Effective
Oct 24, 2024 | A recent audit released by New York City Comptroller Brad Lander affirms that the Department of Finance (DOF) has been largely effective in administering the Co-op/Condo Tax Abatement program, with only a minor fraction of improper abatements identified since 2019.... https://www.rosenbergestis.com/blog/2024/10/nyc-comptrollers-audit-finds-co-op-condo-tax-abatement-program-largely-effective/
New York City Council Approves Property Tax Rates for Fiscal Year 2024/25
Oct 23, 2024 | The New York City Council has approved new property tax rates for the fiscal year 2024/25. The resolutions address changes in property values and align with recent legislative amendments affecting how property taxes are calculated and distributed among the city's four... https://www.rosenbergestis.com/blog/2024/10/new-york-city-council-approves-property-tax-rates-for-fiscal-year-2024-25/
City of Yes for Housing Opportunity: Addressing Housing Affordability in New York City and Its Impact on Property Taxes
Oct 21, 2024 | On October 21, 2024, the New York City Council held a hearing on the "City of Yes for Housing Opportunity" proposal, a plan aimed at addressing the city's housing affordability crisis. This initiative seeks to simplify the housing development process, remove barriers,... https://www.rosenbergestis.com/blog/2024/10/city-of-yes-for-housing-opportunity-addressing-housing-affordability-in-new-york-city-and-its-impact-on-property-taxes/
Padlocking Illegal Cannabis Shops: Impact on NYC Property Values and Taxes
Oct 16, 2024 | The enforcement landscape in New York City has shifted dramatically with the crackdown on unlicensed cannabis retailers. While these actions aim to promote a safe, legal and equitable cannabis market, they have significant implications for property owners and their... https://www.rosenbergestis.com/blog/2024/10/padlocking-illegal-cannabis-shops-impact-on-nyc-property-values-and-taxes/
领英推荐
Proposed Hotel Licensing Law Could Cause $150 Million Decrease in NYC Property Tax Revenue
Oct 11, 2024 | The New York City Council recently held a hearing on Proposed Introduction Number 991-B (Prop. Int. 991-B), a local law intended to amend the administrative code in relation to licensing hotels. The legislation aims to enhance consumer and worker protections within... https://www.rosenbergestis.com/blog/2024/10/proposed-hotel-licensing-law-could-cause-150-million-decrease-in-nyc-property-tax-revenue/
Client Success Stories
Swift Property Tax Reduction for Historic Prospect Heights Co-op
A cooperative board managing a historic, 20,000-sf, 4-story walk-up in Prospect Heights urgently contacted us a week before the 2024 property tax protest deadline, dissatisfied with their previous tax certiorari attorney of 25-years. Despite limited time, we took on the case, quickly analyzing similar pre-war buildings to demonstrate over-assessment. The NYC Department of Finance had estimated rents at $2,600 per month, but we showed average area rents much lower. Three weeks post-hearing, the Tax Commission issued a dual-year reduction: an 8.9% assessed value decrease for 2024/25 and a back-year reduction for 2023/24, achieving approximately $1,400 in tax savings per unit. This outcome exceeded the Tax Commission’s median reduction rate and the typical offer rate for co-ops, securing rare back-year relief and high client satisfaction.
Upcoming Deadlines
In the News
NYC Sweetens Green Roof Incentive After Decade of Disappointment
Bloomberg Law - October 16, 2024 - By Danielle Muoio Dunn
Many homeowners and developers may not consider adding a green roof unless they were already planning repairs or other upgrades, said Benjamin Williams, head of the property tax department at law firm Rosenberg & Estis, P.C. Some could be channeling their resources toward projects like installing energy-efficient windows that can help meet emission-reduction requirements under Local Law 97, a measure the city passed in 2019. “It’s a lot of work to put a green roof on,” he said. “Sometimes these tax abatement programs don’t drive the needle, they’re just icing on the cake.”
Disclaimer: This information is provided for informational purposes only, and should not be construed as legal advice on any subject matter.