Property Tax Appeal

I never used one of these companies; I did receive a card in the mail from a company advertising their services. You shouldn't have to pay anything unless they get you a reduction. If I find the card, I'll get back.

'Very high' in relation to what? Last year's amount? What comparable properties in your neighborhood were taxed? The value of services you received as a property owner? As a percentage of your personal expenses? Was it the tax rate that changed, or the assessed value?

Depending on the answer(s), the remediation is not necessarily through the appeal process. And, for bonus points, tell us why you think you should pay less taxes.

Exactly.

My building has used this firm for a long time. I haven't used any others so can't compare.

https://www.tkwlg.com/areas-of-practice/tax-certiorari-real-estate-tax-reduction-proceedings/

There is no logic whatsoever to the NYC property tax system. In the 12 years I have owned my apartment (no abatements or exemptions, 120 year old building converted to condos 30 years ago) my taxes have quadrupled. Part of what is entirely silly about this is the property value notice I just received gives the estimated monthly "rental value" for my apartment, and the monthly taxes are 1/3 of the rental value.

My co-op pays a company to negotiate a reduction in the property taxes for the building. The company takes a hefty cut that is calculated as percentage of the overall savings. It is a very large building so the savings are substantial. Not sure if this is a feasible option for individual owners.

Do you live in a coop or condo? If so, have you called the Board or managing agent about this?

I've lived in a number of buildings that get a reduction every year. Usually the managing agent sets up the appeals automatically every year for all apartments for the building. They call a firm specializing in tax appeals. Every year they get % reduction and seem to get a faster review than an individual. The cost of the appeal has been negligible compared to the tax reduction considering that it was spread among 100 to 200 apartments.

It's a " tax certiorari " - - - every Board should have this done each year , should cost $300 or so .

NYC's huge tax increase on Condos and Co-Op's over the last few years is DeBlasio's easiest way to pay for his agenda

It depends on your politics, Callahan. De Blasio has only been in office for three years, and property tax rates have gone down during two of them.

The problem is that the market value of the properties taxed has been skyrocketing.

One could argue that a strong driver of that has been New Yorkers using illegal sharing services to sublet their apartments. That more-income-producing use (which usually involves breaking the law because the landlords aren't paying hotel tax) pushes values up, which pushes up property taxes.

Yes, the administration can claim to have lowered property tax rates. The offset, of course, is assessed value. Bump it up enough and you offset the lowered rate, so the cash out of pocket amount remains the same or goes up. It's an old game.

The last 2 years , assessed values were 20%+ above the average and median RE value gains of housing in NYC

. . . . . ... it's that "new math"