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Can someone explain to me how the Tax Certiorari calculates the fee the co-op pays them for getting the tax bill lowered? Is it a percentage of the actual dollar difference between original and then lowered building value? Is the percentage co-op paid negotiable? Can people weigh in on their costs and experiences? Thanks.
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The Certiorari Attorney is paid a percentage of the taxes saved, not on the change in the assessed value of your building. It is generally calculated over a period of years.
For example, our most recent offer from the NYC Tax Commission, based on the Certiorari's work, resulted in a tax savings of $375,000 over 5 years or about 75,000 per year. We paid the Certiorari $15,000 per year for that same 5 years, which represented 20% of our savings.
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