“New York Significantly Increases Real Estate Tax Assessments for 2017/18”
On January 17th, the New York City Department of Finance published the tentative assessment roll for the upcoming 2017/18 tax year, which begins on July 1, 2017 and runs through June 30, 2018.
Many property owners can expect to see significant assessment increases. Finance issued a press release indicating the average assessment for multi-family residential buildings (Class 2) is up 10.5%. The average assessment for commercial properties (Class 4, i.e., office, retail, etc.) is up 8.9%.
The publication of the 2017/18 assessment roll is the start of the period for filing protest applications with the New York City Tax Commission. The Tax Commission’s filing deadline for most properties is March 1, 2017. Residential properties with only 1 to 3 family units have until March 15th to file.
In order to preserve your right to contest your 2017/18 assessment, you must comply with these mandatory filing deadlines. No extensions will be granted.
Stroock is the only full service law firm with a department exclusively devoted to appealing New York City real estate tax assessments. We are available to assist you with all aspects of the appeal process.