Showing posts with label property tax. Show all posts
Showing posts with label property tax. Show all posts

Oct 1, 2014

Pied-A-Terre Tax Proposal

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A new pied-a-terre tax proposal
 
A new tax proposal being evaluated by Mayor de Blasio is a property tax surcharge on pied-a-terre residences valued at more than $5million owned by buyers from across the country and around the world.

The tax of up to 4% a year would apply to all apartments and homes with a current market value of more than $5 million, and would exempt the primary residences of New Yorkers.

People who have a primary residence in the city would still have to pay the higher tax if they own a second home valued at more than $5 million.

The proposal would impose the tax surcharge for homes valued at more than $5 million with a .5% surcharge which would rise gradually to 4% for home values above $25 million.

Though New York must follow complex rules in making regular property assessment, that keeps many tax bills low, the legislation would base the surcharge on an estimate of the current value of each apartment based on comparable sales.

This proposal has strong opposition from the real estate industry and at this point is nothing more than a draft.

Jan 19, 2010

NYC Property Taxes Will Increase July 1

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The Department of Finance released a tentative assessment for all residential and commercial properties for fiscal 2011, which begins July 1st.

While property values may have dropped, according to the city, the total market value of property in NYC, including new construction rose 0.12% to $796 billlion. NYC taxes properties based on assessed value. Assessed value can rise even if market value declines.

Market values for coops and condos rose 4.04% and assessed values increased 5.09%. NYC Coops and condos are valued as if they were rental properties that generate income. Property values lag two years. Fiscal 2011 assessment is based on 2008 data. The Finance department will publish final assessment values on May 25th. The final assessment will be used to calculate property taxes for fiscal year 2011.

For more information: nyc.gov/finance

May 11, 2009

Property Tax Abatement for Going Green

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To support recent New York State laws providing property tax abatements for the installation of green roofs and solar electric-generating systems, the Buildings Department has implemented new rules for tax abatement applications. 

The Department has created a fact sheet which reviews the process for completing abatement applications and compiled frequently asked questions to assist applicants.
 

NYC Goal of Reducing Carbon Emissions by 30% by 2030



related posts:

Solar Empowerment Zones 
 
Green Real Estate Glossary

Tips for Greening Your Apartment in 2009

Green Condo Buildings in Manhattan

Nation's First Multi-Story Green Industrial Facility Opens In NYC

Empire State Building Going Green

Broadway Goes Green

Green NYC

May 1, 2009

Delinquent Property Tax Deadline is Today

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New York City property owners who owe property taxes or water bills have until the end of the day to resolve their debt. If not, the city will sell liens on their properties to a third party.
This affects homeowners with property tax debt of at least $1,000 that is three years old, or $1,000 in water charges dating back at least a year.
This affects homeowners with property tax debt of at least $1,000 that is three years old, or $1,000 in water charges dating back at least a year.
A list of delinquent properties is available on the Department of Finance's website, nyc.gov/dof.
what-should-you-do-if-lien-is-sold-on-your-property

Feb 7, 2009

What To Do If A Lien Is Sold On Your Property?

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If you have received a lien sale notice by mail or if the property has been listed on a published lien sale list, (NY Post, NY Daily News, Department of Finance) it means that the City’s records show that you owe property taxes, water, sewer, or other property-related charges and accrued interest.

As a result, a lien for the entire delinquent amount will be sold in the 2009 lien sale, unless you resolve your debt by May 1, 2009.

The most important thing for you to do is to contact the Department of Finance if you owe property taxes and/or the Department of Environmental Protection if you owe water/sewer charges. You must arrange for payment, or, if you think that you do not owe the money, you must dispute the charges to correct the City’s records before May 1, 2009


When the City sells a lien, it is not selling the property. The lienholder does not take title to the property. The lienholder purchases the right to collect the money that was owed to the City. Ultimately, however, if the property owner does not pay what is owed, the lienholder can begin a formal foreclosure proceeding in court.

Once a lien is sold, the property owner then owes the taxes, charges, and accrued interest to the new lienholder, not to the City. The amount the property owner owes automatically increases once the lien is sold, because the lienholder is entitled to receive a 5% surcharge on the entire lien amount, plus 18% interest, compounded daily and payable semi-annually. The property owner may also be responsible for paying other administrative costs associated with the lien sale; for example, legal and advertising fees.

New York runs the largest municipal water system in the country, but for years it was the only major provider that never shut off service to residential properties, no matter how much was owed. Officials feared that tenants in multifamily buildings would be unfairly penalized if the owner, managing agent, coop board or landlord did not pay the bills on time.

If you own a residential cooperative or condominium apartment and your building owes property taxes for 3 years and or owes water/sewer charges for 1 year equal to or exceeding $1,000 the city may sell a lien on the property.

Jan 25, 2009

Property Tax Update

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On January 22, Mayor Bloomberg signed into law a bill that provides a grace period for payment of real property taxes for properties with an assessed value of more than $250,000.

The City Council agreed to Mayor Michael Bloomberg's proposal to rescind the 7-percent property tax reduction. The need to rescind the temporary property tax cut last month required recalculation of the real property tax installment that was due and payable on January 1.

The Council rejected the mayor’s proposal to cancel the $400 homeowner rebate. The city sent out the checks during the week of December 22. The legislation also increased the amount of assessed value from $80,000 to $250,000 to enable a property owner to pay the property tax on a quarterly basis.

The enactment of the original property tax legislation provided little time for the City to mail out Statements of Account with the amount of the January installment prior to the payable due date, nor did it provide a grace period for payment of this installment without interest for properties with an assessed value of more than $250,000. Under the new law, no interest or fees will be imposed if the tax was paid by January 16, 2009.

May 3, 2008

NYC $59.1 Billion Fiscal Year 2009 Budget

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Mayor Bloomberg announced his Fiscal Year (FY) 2009 Executive Budget and presented an updated four-year financial plan for New York City. The $59.1 billion budget maintains the City's firm financial footing in the near term by reigning in expenditures across the city, with city-funded spending expected to only grow by 0.1 percent.

Because of this restraint in spending and higher than projected revenues, the budget presented today will continue the $400 property tax rebate and the 7 percent property tax rate reduction for this fiscal year.

The Executive budget includes $600 million in savings in FY 2008 and $1.3 billion in FY 2009 from reductions in planned agency spending and it will produce out-year savings of $1.1 billion annually. The Mayor also announced that the financial plan shows deficits of $1.3 billion in FY 2010 and $4.6 billion in FY 2011.

“Through a combination of agency savings and short-term revenue receipts, we will once again return tax dollars to New Yorkers who today face their own budget problems created by the sub-prime mortgage meltdown and the ensuing credit crunch,” said Mayor Bloomberg “That includes the $400 homeowner property tax rebate, which will be continued in Fiscal 2009 and in the out-years as well. Our expectation at this time is that we’ll also be able to extend, for another year, the 7% property tax cut that we enacted last year.”

read the press release: nyc.gov

Jan 18, 2008

NYC Mayor to extend Property Tax Relief

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While many New Yorkers are speculating whether or not Michael Bloomberg will run for President, he says he's not. He is focused on the city's business.

Mayor Michael R. Bloomberg delivered his seventh annual State of the City address yesterday in Queens, outlining his plans to expand an already sweeping second term agenda while making the tough spending decisions that an uncertain economy requires.

The Mayor Announced that the Administration will:
  • Include an extension of the 7 percent across-the-board property tax cut in next week's preliminary budget;
  • Continue tax relief with a $400 property tax rebate to all homeowners;
The 7 percent cut was passed when the city had an estimated $4 billion in surplus, from record profits on Wall Street and real estate tax revenues from the "hot" real estate market.
Bloomberg's 7 percent property tax cut was a one-year reduction that would only continue if the city could afford it. However, he also built the reduction into every year of the city's four-year financial plan.
One of my first blog posts from July 2006 was about the city's budget surplus from fiscal 2006. I remember the Mayor saying that he expected real estate tax revenues to decline since he thought property values would go down about 10% in 2006 from from 2005.
Mayor Bloomberg prepared for the tax revenue decline by saving a portion of the surplus for future budgets when the local economy will not be as strong. While property values did decline in 2006 they went back up in 2007.
While the budget and tax cuts are still preliminary most real estate professionals, elected officials, home owners and new buyers are hoping the Mayor will be able to balance the budget and keep the property tax cut still in place.
For the complete Press Release

Jun 28, 2007

NYC Property Tax rate Reduced for 2008

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City to Reduce Property Tax Rate and Continue Property Tax Rebate Program for Homeowners

Mayor Bloomberg and the City Council announced an agreement on the Fiscal Year (FY) 2008 New York City Budget. The $59 billion budget includes $1.3 billion in property, sales, and small-business tax cuts, including a property tax rate cut rate of 7% for the coming year. These tax cuts come in addition to the $256 million in $400-per-homeowner tax rebates requested by the City and approved by the State Legislature last week.
 
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