"Does Your Condo Have Tax Appeal?"
Congratulations on being elected to your condo board! Like many people who are managing property today, you may be feeling confused about what to focus on. Keeping your building costs under control is always a priority, so start with your biggest expense – real estate taxes. In response to the financial crisis, Mayor Michael Bloomberg has announced that he intends to increase property tax rates. Although you cannot contest the tax rate, you can appeal your real estate tax assessment, which is the basis for determining your property tax. Your taxable assessment is multiplied by the tax rate to determine how much tax you owe. The next opportunity to contest your assessment is in January 2009 for the upcoming tax year 2009/10. With real estates taxes expected to go up, here are ten things you should know about the city’s assessment process and appeal procedures.