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February 19, 2021

Habitat

Joseph Giminaro, a partner in Stroock’s national Real Estate Group, is quoted in a recent Habitat article that addresses why the property taxes of many co-ops are going up despite declines in the market value of their properties.  

Explaining the discrepancy, Joe noted that “There can be, and often is, a lingering effect of assessment increases from prior years into current tax bills. That’s another reason why, even if you look at a percentage assessment reduction in the double digits, you may not see that translate directly into a double-digit cut in your actual tax bill. There’s not necessarily a straightforward and direct link.”

Read the article in Habitat’s March issue.