Q&A: Fair and Equitable Real Estate Taxes

Q I am an owner in a building that went condo 10 years ago. In 2008, our taxes were reduced by a firm that does this procedure for the building. However, my individual real estate taxes are way out of line compared to other apartments of the same size, better location in the building, percentage of common interest, etc. If there a way to get my taxes reduced so that they are in line with others in my building?

—A Taxing Situation

A “The only way for taxes (assessed value) to be changed is to file for a reduction of Assessed Value with the municipal authority by the designated filing date for your town,” says Harrin K. Platzner, chief operating officer of Platzner International Group, Ltd. in New Rochelle, NY. “Filing date and specific procedure varies by location—check with your local city/town hall assessment office.

“However, assessed value is based on a number of different factors—first depending on whether this a full assessment or not—and could include such items as percent of common interest, location in building, condition of the unit, any improvements that were made, if there is a terrace or not, number of rooms, number of bathrooms, and high or low floor.

“Essentially, a unit with the same percent interest might be assessed for more or less, depending on its condition, improvements made or location, for example, and not just by percentage alone. The only way to correct the assessed valuation is to file a protest with your assessor’s office. If denied, you can also follow through with a tax small claims proceeding.”

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2 Comments

  • Thank you. If my Management Company would have known the answer I would have gotten one alot sooner. Appreciate your insight.
  • We live in a town of 6k, in a single family development with 330 home about 25% of the town. We are currently paying over 11 million in school taxes out of just under 18 million. Is this legal? Can we do anything as a group? Thanks Ed