Tax Fight in Queens Continues Co-ops Seek Resolution to Increases

 Many regular readers of The Cooperator doubtless remember the struggle that  ensued in the spring of 2011 when co-op officers and elected officials in  Eastern Queens declared a “tax revolt” against the city for huge increases in assessed valuations.  

 Well, even after a temporary settlement, the tax revolt was never totally  silent, and it looks like it’s about to break out again. And this time, the co-op owners seemingly have the  city Comptroller’s Office on their side.  

 Every year, the Department of Finance releases its assessed valuations for  buildings in New York City. These amounts then are reflected in the tax rate.  While most increases were less than 10 percent before 2011, at the beginning of  that year, some of these co-ops received increases in the high double and even  triple digits.  

 For example, Cryder Point and LeHavre, both in Whitestone, had 147 percent and  122 single-year increases, respectively. And Glen Oaks Village, the city’s largest garden-apartment complex, would have received an 86 percent increase.  

 “In the old days,” says Warren Schreiber, president of Bay Terrace Section 1 and co-president of  the Presidents Co-op & Condo Council, “you had increases of 2 percent and 3 percent. A 5 percent increase was a big  increase.” The aforementioned large increases, he says, are “almost like a back-door tax that doesn’t have to go past the City Council and doesn’t have to be signed off by the mayor.”  


Related Articles

Report: Condo Prices at Trump Properties Take a Hit

Average Sales Price for a Trump Unit Fell 16 Percent Compared to a Manhattan Condo

Underlying Mortgage Refi

The Challenges of Financing in Small Co-ops and Condos

Maintenance Charge Increases

When, Why, and How to Raise Monthly Fees