Folks,

In NJ, a coop’s tax base is equal to the assessed value plus the non-current portion of any underlying coop mortgage(s).

For example there are two identical buildings and both are assessed at $65,000,000.

One building has a mortgages totaling $20,000,000, and the non-current portion of the underlying mortgage is $19,250,000. The other building has no mortgages.

Therefore, the tax base for the first building is $84,250,000, while the tax base for the second building remains $65,000,000.

By definition the taxes for the first building are 29.6% higher than the second building because of the rule requiring the inclusion of the non-current mortgage principle.

My question: Are taxes for NYC coops similarly calculated when there the coop has underlying mortgages(s)?

If no, OK and thanks.

If yes, and not exactly the same, what is the calculation please.

Thanks