Condominiums in NYC are classified as real property.  The most important element that makes them different from Co-ops is that a condo unit is sold/bought with the transfer of a deed. The homeowners own their individual unit space, and all residents share ownership of the common areas. All apartment owners in a condominium own the physical land the building sits on. In contrast, co-op owners don't own the physical apartment they live in but rather shares in the building and a proprietary lease that grants them the right to live and use the space identified on their stock certificate. 

April 15th is dreaded Tax Day in the states and along with filing your income taxes, we felt it was informative to talk about NYC real estate taxes as it pertains to Condo ownership. It's a great idea to understand what tax class your property is in and what your property is assessed as? A tax appraiser or assessor will research and establish a numeric value for what your property is worth and how it will be taxes. You can Click Here, to  pin point where your property is located, the tax class it is assigned to and what your fair market value is. 

If you feel as though your property is misinterpreted, overvalued, or find mistakes in a recent assessment- you can appeal!

Appealing Your Property Taxes in NYC

You can challenge your Assessed Value by appealing with the NYC Tax Commission, an independent agency. 

 How do you go about seeing if you're paying  too much in property taxes?

1. Have a Real Estate Agent pull some preliminary comparable properties.

2. Have a Real Estate Agent give you a market analysis of what your condo is worth in today's market.

3. Have your apartment appraised, or assessed to justify it's FMV or Effective Market Value.

4. Compare and review 

If you're interested in having a free market evaluation done to know the resale value of your apartment, or interested in learning more about comparable properties and the tax benefits that are in place in NYC- we'd be happy to assist.

Resources:

http://www1.nyc.gov/site/finance/taxes/challenge-your-assessment.page

February 10, 2020