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Property Q&A in 10020 : Real Estate Advice

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Wed Jun 27, 2012
Mitchell Hall answered:
Hi Dion,

State law requires NYC Finance to value cooperative and residential condominium buildings that contain 11 or more units as if they were residential rental apartment buildings. Income information from similar rental properties is applied to determine value. Finance determines “similar properties” according to number of units, size, age, distance and number of stories.

Assessed value (AV) for condo buildings with 4 -10 units cannot go up more than 8% each year or more than 30% over a five year period unless you did renovations. Therefore, it may take several years for AV to adjust to a large increase in market value. This explains why AV goes up even when market value goes down.

Assessed values for condo buildings with 11 or more units have to be phased in 20% each year over a five year period, so it may take several years for the AV to adjust to large increases or decreases in market value.

Assessed value = taxable value. To calculate taxes multiply Taxable Value by the Tax Rate. Tax rates change every year. Calculating is only an estimate of the tax you will owe if the tax rate remains the same.
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