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CoO for 6 family; registered as 3 for tax purposes

Started by george12
over 13 years ago
Posts: 64
Member since: Dec 2009
Discussion about
Property is a 6-family (as per CoO) but registered as 3-family for tax purposes. 1. Is there any liability accumulated that we are unaware of? 2. How to change the tax status to 6-family? 3. Would the change to 6-family result in a major increase in property taxes? Thank you
Response by rb345
over 13 years ago
Posts: 1273
Member since: Jun 2009

george12:

1, if it is a legal 6-family its tenants may/should be rent-stabilized
2. of they are but are paying market rent, you as buyer might be liable for triple damage rent overcharges
3. of tens of thousands of dollars or more
4. check with DHCR before you sign a contract or a binder for that property
5. find out the property's rent history
6. and DHCR;s legal position on the stabilization issue

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