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Does anyone know how the NYC Dept of Finance determines the taxable value for a coop? We provide data for sponsor held rentals and we wonder how much that 'hurts' us, since the market rates for rentals are almost double the maintenance on about 1/3 of our total units.
Join the Conversation Comments (2)I'd love some information about this too. My building contains a couple of commercial spaces on the ground floor as well as apartments above. How does the City value these commercial spaces in calculating the assessed value of the entire property for tax purposes?
The NYC Comptroller's Office has issued two reports detailing the arbitrary and capricious manner in which co-op and condo property valuations are determined. The audits legitimize claims made by the Presidents Co-op & Condo Council concerning the dysfunction that permeates the NYC Dept. of Finance. I have provided links which will allow both reports to be downloaded in their entirety.
http://www.comptroller.nyc.gov/bureaus/audit/audits_2012/4-12-12_FN11-0130A.shtm
http://www.comptroller.nyc.gov/bureaus/audit/audits_2012/4-12-12_7A11-126.shtm
Warren Schreiber
Co-President, Presidents Co-op & Condo Council
This is a major issue being taken up by both the City Council and Albany. We are taxed as though we are rental property and there are a couple of proposals that would change that. An excellent one is sponsored by Senator Tony Avella that would create a new classification for co ops which would allow for a fairer assessment. It is important that shareholders band together and write letters to their Senators and Assembly members demanding that this type of reclassification occur immediately. Also, be aware that the tax abatement is due to expire in June and we need to put pressure on the electeds to get that extended. Assemblyman Ed Braunstein has a bill on that issue. We must be pro active if we want changes that will benefit us. Learn the names of your electeds and get groups together to write letters, make phone calls and even visit their offices. Also, communicate with Senator Avella and Assemblyman Braunstein, they both understand the issue very well. The silent majority must become much more vocal.
Dianne Stromfeld, North Shore Towers
The process is involved and unfair. It is based on commercial rental valuation and is applied unevenly. I wouldn't be too concerned trying to figure out how your building is assessed, I believe it is more important to bombard local electeds with petitions and email demanding a change to this unfair tax basis. Again, there are bills that could correct this, but if we don't put enough pressure on, they just might not be passed. GET MOVING.
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i think this hurts us all a great deal. it's my understanding that one of the factors determining how co-op's are taxed is the basis of what an apartment could bring in as a rentals. many co-ops that i know of are owner occupied so we wind up paying taxes as if we are receiving income from rent which we are not.
I'd love clarification on this from anyone who I'm sure knows more than i.
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