New York City Real Estate News

Announced in May 2018, the New York City Advisory Commission on Property Tax Reform works to evaluate all aspects of the current property tax system in New York City and recommend reforms to make it fairer, simpler, and more transparent, while ensuring that there is no reduction in revenue used to fund City services . The key phrase that is often left out is that the request from the mayor seems to say that the total tax will continue to not only remain steady but instead will continue to grow at nearly 8% at the time of this article. Please consider that growth in spending that far exceeds inflation.  We have a voice in our government and the people need to form a "community budget council" to have veto power over the growth in our government.  Plus run for assemblyperson and state senator and vote out the current person if they are not meeting the needs of the constituents.  Remember, if you were an assembly person, we are sure that current assembly person w

ALL STAR recipients whether in a cooperative apartment or condominium are considered CLASS 1 ALL 1 to 3 family homes are CLASS 1 ALL other residential are CLASS 2 PHASE OUT COOP/CONDO ABATEMENTS over 10 years PHASE IN NEW COOP/CONDO CLASS 1 treatment over 10 years CLASS 3 and 4 remain as is. CLASS SHARE for CLASS 1 remains by law not greater than 15% SENIOR rent and homeowner and VETERAN exemptions and abatements are kept and increased. ALL OTHER EXEMPTIONS AND ABATEMENTS are phased out.    They are many hundreds of these programs and they amount mostly to special deals to developers and/or favors given out by your elected representatives or their staff.  It is a shame that we run the city like this.  And if you do not believe there are hundreds, see for yourself: ALL NEGATIVE VALUES ARE EXEMPTIONS AND ABATEMENTS rows key sum_value activitythrough 4,918 parks dept nyc -$1,508,208,691 2017-06-02 1,274 dept. of education -$1,084,138,493 2017-06-02 24 port a