On July 25, 2024, New York State Governor Hochul signed into law Chapter 210 of 2024. The new law amends the Real Property Tax Law, specifically section 1803-a, to allow the local legislative body of a "special assessing unit" (in this case, New York City) to adjust...
On July 22, 2024, the NYC Department of Finance (DOF) published the Real Property Income and Expense (RPIE) Non-Compliance list and mailed notices to owners. See the below sample Notice. This list consists of “income-producing” properties in New York City that the DOF...
In this blog post, we review how the property tax changes when the Actual Assessed Value doubles. Does the property tax double when the value doubles? Assumptions: No renovation or construction or demolition, and therefore no physical increases in the assessed value....
What are the real estate brokerages saying about the New York City office market in Q2 2024? First, let’s look at the Office of the New York City Comptroller Brad Lander’s analysis: New York by the Numbers Monthly Economic and Fiscal Outlook No. 91 – July 9, 2024...
Altus Group is selling its property tax business to Ryan LLC for C$700 million + C$5 million/year subscription. “The C$700 million total cash consideration represents a 10.1x 2023 Adjusted EBITDA multiple for the business segment and over 16x 2023 Free Cash Flow*...
The New York City Green Roof Property Tax Abatement was just enhanced and extended three years. It increased the incentives and removed some of the restrictions that prevented more widespread adoption. It passed the New York State Senate on April 2nd, the Assembly on...
There are a few ways to compare property taxes between cities on an apples-to-apples basis. The effective tax rate is the tax divided by the market value. The other is property tax per square foot. We review both metrics, and also the changes in value, rents, and cap...
We are still waiting for the City Council to bring the bill out of committee and to the full body for a vote. The Committee on Housing and Building had a two-hour hearing on proposed Intro 654 on May 30, 2024.* The proposed Local Law was laid over by committee, and...
We previously advised that the City Council passed the FY2025 budget with new tax rates, and reauthorized the tax lien sale on June 30, 2024. See our post here: NYC Budget 2024/2025 and Property Tax Updates | Rosenberg & Estis, P.C. (rosenbergestis.com) The NYC...
The Philip Degaetano Living Trust, with Philip Degaetano as Trustee, filed a legal action against Jacques Jiha, Commissioner of the New York City Department of Finance (DOF), over a property tax assessment dispute. The petitioners claimed that their property at 16...