NYC Department of Finance Publishes 2014 Tentative Assessment ...

January 25th, 2013

For real estate property tax purposes, New York City reviews all properties on an annual basis.? In doing so, last week the City released its 2013-2014 property valuations for both commercial and residential properties. ?The bottom line ? Citywide market values have increased by 4.26% and have reached a total market value of $874 Billion ? that?s an overall increase of $35.7 Billion.? Department of Finance Commissioner David M. Frankel cites market forces for contributing to 3.2% of the overall value increases with the remaining increases attributed to new construction and physical improvements.

For Class 2 properties, which consist of coops, condos and rental apartment buildings, the total market value rose 4.8% citywide to $204.6 Billion.? State law prohibits the Department of Finance from using sales prices to value condos and coops, so instead they are required to be valued as if they were rental buildings. ?This valuation methodology can be very subjective and often generates numerous assessment errors within the class 2 properties.

Other Class 4 commercial properties witnessed an increase in value to $239 Billion, or 8.56% citywide, which stems from trended income and expense data provided by landlords who submitted their properties? financial performance last year. ?In addition to these increases, twenty-five percent of all Class 4 owners reported income increases of more than 9%. ?While this could be based on market traction within specific areas of the city, or for specific types of buildings, it could also be based on the fact that New York City values more than one million individual properties each year.? With so many often subjective considerations to value, the entire process leaves lots of room for error and subsequently revaluation appeals.

For an in-depth analysis of your properties? 2013/14 assessment, please contact Sharif Mitchell, Managing Consultant out of Paradigm?s New York City office at (646) 416-7893 or smitchell@paradigmtax.com.

Source: http://www.paradigmtax.com/industry-news/paradigm-info/nyc-department-of-finance-publishes-2014-tentative-assessment-roll/

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