The Commercial Observer
"How to Reduce Your Property Tax Assessment"
Everything in New York City is on a grand scale, and as a result it’s no surprise that the same is true of our tax burden. Recent census data indicates that the City of New York collects more taxes than 47 out of 50 States – trailing only California, New York and Texas. The City’s largest revenue source is the property tax, which, next to debt service, is your largest expense as a commercial property owner. As with other expenses, owners need to actively manage their property taxes. This is particularly true in a market characterized by lower rents, pressure to grant concessions, higher vacancy allowances, and more tenant bankruptcies.