Since our previous discussion on New York City’s revival of the tax lien sale, several key developments have occurred that warrant attention. The Department of Finance (DOF) has proposed new rules aimed at refining the hardship installment payment plan, and the City...
NYC Property Tax
Comprehensive 2025 NYC Tax Commission Updates and Filing Requirements
1. Introduction This blog post summarizes the New York City Tax Commission’s updates for the 2025 filing season. It includes revised filing deadlines, changes to income and expense reporting, modifications to various Tax Commission forms, and other relevant...
NYC Property Tax Assessed Values for 2025/26
The NYC Department of Finance (DOF) released the tax year 2025/26 tentative assessment roll on January 15, 2025. Citywide market value reached $1.579 trillion (up 5.7% over last year), the first time total value has exceeded $1.5 trillion. Taxable billable assessed...
How to Get Your Building Removed from the LL97 Covered Buildings List (CBL) by Protesting Your Property’s Descriptive Details
Local Law 97 (LL97) sets strict carbon emissions limits for many New York City buildings. Each year, the Department of Buildings (DOB) publishes a preliminary list, called the Covered Buildings List (CBL), identifying properties that appear subject to LL97. If your...
12 Reasons You Might Not Get a Property Tax Reduction
Introduction Here are twelve subtle (but crucial) reasons New York City property owners lose out on tax reductions. Reason #1: Underestimating “Related Party” Disclosures When “Related” Means More Than Family Many owners think “related” only means blood relatives or...
Final NYC Property Tax Error Correction Rules Adopted
Back in November, I posted an overview of the proposed changes to the Department of Finance’s (DOF) rules governing how certain property tax errors can be administratively corrected. Following a public hearing on November 22, 2024—and many spirited comments from...
How Savvy Investors Can Spot Distressed Properties Before NYC’s 2025 Tax Lien Sale
As New York City prepares for its May 2025 tax lien sale, property owners with overdue taxes face growing financial pressure. For investors interested in distressed real estate, this scenario creates a strategic opportunity: the lead-up to the lien sale provides early...
New J-51 Property Tax Abatement Program
On December 18, 2024, the new J-51 property tax abatement program bill was signed into law. This J-51 program provides potential property tax savings for eligible buildings in New York City that meet certain requirements. Major Eligibility Requirements: Eligible...
When 15 Years Means 15 Years: A Lesson in PILOT Agreement Drafting
In December 2024, the Appellate Division, Third Department affirmed a lower court decision in Matter of Peaceful Valley Housing Development Fund Corp. v Town of Johnsburg, a case that turned on a subtle—but pivotal—point of contract interpretation. Although the...
NYC’s 2025 Tax Lien Sale: Key Points for Commercial and Apartment Building Owners
As New York City revamps its tax lien law and gears up for the next lien sale in May 2025, owners of commercial properties, larger apartment buildings, and other non-owner-occupied properties should remain vigilant. While the core policy shift leans heavily toward...