On January 9th, New York state’s highest court, the Court of Appeals, heard arguments on a case filed by Tax Equity Now New York (“TENNY”). TENNY consists of a mixed group of homeowners/renters, business and trade associations, developers, academics and public interest groups seeking to change New York City’s tax assessment system. TENNY’s most recent [...]
Local Law 97, commonly known as the Climate Mobilization Act (CMA) and passed by New York City lawmakers in 2019. The law imposes new environmental regulations on specific buildings covered by the statutes in New York City, with the goal of reducing greenhouse gas emissions. The goal seeks to reduce emissions from these covered buildings [...]
One of the most mentioned phrases recently discussed in the New York City real estate market is the future of the “building developer exemption” known as “421-a.” This refers to a section of the Real Property Tax Law that provides a tax exemption for developers who build certain residential properties in New York City. The [...]
With low vacancy rates, high rent prices, and increased construction and sales, it is clear to market observers that warehouses are the latest properties in high demand in the Metropolitan area. Online shopping and e-commerce have expanded exponentially over the past five years, and the COVID-19 pandemic accelerated consumers’ move away from “brick and mortar” [...]
The only thing we can be certain of is that we are living in uncertain times. The longer New York’s quarantine lasts, to protect the population from Covid-19, the greater the upheaval in the real estate market. Tenants in most buildings are now either unable or unwilling to make rent payments. Landlords have responded in [...]
The City Council has approved and is now implementing a new law requiring commercial building owners to register rental details for retail, restaurant and service-sector storefronts and second floor spaces with the City. Commercial properties that are already filing their Real Property Income & Expense (RPIE) statement will see this as an additional component to [...]
On January 31, the New York City Advisory Commission on Property Tax Reform issued a long awaited report on the state of assessment equality, or, as it turns out the lack of equality imbedded in New York City’s tax assessment system. The City has shared its unique assessment system of four tax classes, four tax [...]
Nassau County Property Owners Face Countywide Tax Reassessment Nassau County Executive Laura Curran recently sent a Tax Impact Notice to Nassau property owners informing them that local real estate taxes have been reassessed. This marks the first county-wide reassessment since 2011, when tax rolls were frozen by the previous administration. The revaluation will have far-reaching [...]
New York City Department of Finance has released 2018/19 residential and commercial property tax rates. Residential Class 1 property tax rates (1-3 family homes and condominiums of 3 stories or less) have increased 2.61% from $20.385/ $100 to $20.919/$100. Residential Class 2 property tax rates for apartments, cooperatives, and condominiums of 4 stories and higher [...]
Nassau County Revaluation Update: Can a phase-in of assessments work in Nassau County? The real estate tax Law Firm of Schroder & Strom weighs in on tremendous risk to the financial stability of Nassau property owners. Nassau County, NY homeowners have received revaluation notices from David Moog, the County Assessor, advising that the value of [...]
