NYC Property Owners’ Tax Bills Jump 25 Percent Since 2013

New York City’s latest property value assessments are having residents seeing red, with many complaining that unfair valuation increases will stick them with a higher property tax bill.

Councilman David Greenfield said his office has received calls from constituents. Property assessments have gone up on average by a whopping 25 percent since 2013, with the average tax bill for small homes going from $4,213 a year to $5,261, according to the Citizens Budget Commission.

The increase was even higher for coops and condos, jumping from $6,086 four years ago to $7,644 this year. The increase has hit commercial property owners the hardest, with a 29.3 percent increase in the average tax bill over four years.

“I have serious concerns about the way this process has been conducted,” Greenfield said, “and I am calling on all constituents who have concerns with their assessments to take their questions to New York City Tax Commission. If you believe the assessed value of your property is incorrect or unfair, it’s extremely important that they hear directly from you.”

Greenfield said that many of his constituents have successfully appealed their assessed value with the tax commission in previous years. He noted that there is little oversight or regulation governing how or why taxable assessed values can be increased. By law, the city has the final say in the matter, which is why making use of the appeals process is so important.

“It’s important that the commission be held accountable for these valuations — if you have doubts, don’t stay silent,” he said. “There’s an entire appeals process that has been set up to handle these sorts of issues, and I encourage you to make use of it.”

To appeal, call 311 and ask for the New York City Tax Commission or go to nyc.gov/html/taxcomm. The deadline is March 1 for Class 2, 3, and 4 properties, and March 15 for Class 1 properties.

This article appeared in print on page 31 of the February 15th, 2017 edition of Hamodia.