Property Tax (Real Estate Tax Certiorari)

We reduce excessive property taxes. We also advise on RPIE filings. We forecast future property taxes. We communicate with our clients - we give them frequent status updates of their matters.

Property tax protests

  1. Analyze properties and advise if property tax protests are worthwhile. Our clients don’t waste their time and energy protesting assessments that aren’t excessive.
  2. Prepare and file property tax protest applications
    • For all types of New York City property taxpayers
      • Office and Residential buildings, for an owner or net lessee
      • Co-ops and Condos, typically via the Board of Directors/Managers
      • Owners of individual condo units, typically commercial
      • Contract vendees – companies in contract to buy a property
      • Hotels, retail buildings, garages, warehouses
      • Power plants
    • Tax class changes
      • Within tax class 2 and its subclasses
      • Between various tax classes, like residential to commercial
  3. Attend the hearings and argue for assessment reductions.
    • Our attorneys have represented over 4,000 properties.
    • Success rate aligned with the industry.

Compliance

  • Real Property Income & Expense (RPIE) filings must be completed online by June 1st every year
    • Avoid incorrect filings, which can cause substantial changes in the assessment
    • Avoid penalties and fines for late or missed filings.
  • Certificates of Continuing Use (CCU) filings for certain exemptions and abatements
  • Co-op/Condo Abatement Renewal and First-Time forms

Property tax projections / due diligence

  • Potential acquisition – project the property taxes for financing purposes
  • Lease negotiation – estimate the real estate tax escalations with various base years
  • Forecast the next calendar year’s property tax expense, for use in budgets
  • Project the property taxes under various redevelopment scenarios, and advise the corresponding optimal tax benefit programs.
  • Advise on the most tax-efficient timing of construction:
    • When to start and end demolition and foundations, when to pull the first permit, when to obtain the first TCO.
    • "Physical" assessment for new construction, renovation, demolition.
    • Interaction with tax benefit programs, like the 421-a residential exemption and the Industrial & Commercial Abatement Program (ICAP)
  • Project the taxes as equalization changes and transitional assessments phase-in
  • Project the taxes as exemptions and abatements phase-out.
    • 421-a, 421-g, J-51 residential phase-outs
    • ICAP and ICIP, including "inflation-protection"

Condominiums

  • We help sponsors sell new condo apartments.
    • Analyze your competitors’ property taxes, for use by your marketing team.
    • Real estate tax opinion letters for condominium offering plans. Estimate property taxes for the first year of condominium operation and the subsequent first full tax year.
  • 421-a Exemption
    • Project property taxes with and without the 421-a exemption.
    • Estimate potential property taxes for 421-a exemption threshold eligibility
  • Commercial units
    • Determine potential eligibility and tax benefits of the ICAP
    • Strategize on real estate tax escalation clauses and the timing of base years in leases
  • Lot mergers & apportionments
    • Estimate the apportioned tax assessments for new condo lots
    • Project the City’s future assessments by use: retail, garage, office, residential, etc.
  • Review zoning, engineering, and architectural drawings to make sure the City is assessing the correct square footage.

Contact Ben Williams today to learn if your New York City property is overassessed, to strategize ways to minimize your property taxes, and to better understand what your property taxes might look like in the future. [email protected] or +1 (212) 551-1246