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...
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...
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...
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...
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...
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...
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...
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...
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...
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...