The recent ruling allowing the Tax Equity Now NY (TENNY) lawsuit to proceed, as reported in Aaron Short’s article in the Commercial Observer, could intersect with ongoing legislative efforts, including the proposed Five Borough Fair Property Tax Act introduced in June...
As property tax appeals grow and cities across the country face shrinking revenues due to declining commercial property values, the impact on New York City’s budget is becoming increasingly apparent. I was recently quoted in this Bisnow article discussing how cities...
In April of 2024, as an incentive for the development of affordable housing outside of NYC, NYS enacted Real Property Tax Law (RPTL) Sections 421-p (“421-p”) and 421-p*2 (“421-p*2”), which authorize municipalities outside of NYC to pass local laws providing property...
The New York City Department of Finance (DOF) has recently mailed out the second quarter property tax bills for the 2024/25 tax year. These bills, dated August 24, 2024, are now also available online. Property owners should be aware that the payment deadline for these...
Have you filed your Letter of Intent (LOI) to qualify for Completion Date extension (until June 15, 2031)? Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development...
Have you filed your Letter of Intent (LOI) to qualify for Completion Date extension (until June 15, 2031)? Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development...
New York City’s property tax system for tax class 1 properties—primarily 1-3 family homes—has been the subject of recent analysis by the NYC Comptroller’s Office. A fiscal note released in August 2024 examines the potential impacts of lowering the assessment ratio for...
In a recent settlement, The Interchurch Center, a well-established Manhattan institution serving religious and charitable organizations, successfully secured the restoration of its full property tax exemption after a legal dispute with the New York City Department of...
Glad to see Kathryn Brenzel of The Real Deal writing about major upcoming and recent NYS real estate deadlines including: December 14, 2024: Deadline for 485-x projects with a Commencement Date between June 16, 2022 and April 19, 2024 to register with HPD. 485-x...
There number of pending cases keeps increasing, and we are at the highest level in five years at 1,519 pending cases as of 2023, up +62% from 2019. Meanwhile, dispositions have declined -39% from 2019 to 2023. Comparison by county - Current Year to date versus Prior...