The attorneys at Schroder & Strom, LLP provide property tax consultation to its clients in multiple areas related to real estate taxation, as follows:
It is essential that clients contact a real estate taxation attorney when considering the acquisition of any type of real property, including the purchase of an individual residential home. We will determine or confirm annual tax bills and project how the assessment and tax bill will increase – or decrease – following the acquisition. In Nassau County and New York City (each of which reassess property on an annual basis), taxes change year-to-year due to phase-ins of prior increases or as a result of increases implemented as the purchase price is factored into future assessments. Consequently, a review of current as well as future assessments and taxes should be an integral part of the due diligence required before signing any contract of sale.
As part of the review of a property considered for acquisition, we thoroughly review public records to confirm if the prior owner has filed appeals which will generate tax refunds potentially due to the new owner. We can intervene in pending appeals when the purchaser is responsible for most of the taxes due in a tax year already under appeal. This is extremely common in Nassau County, where the annual tax calendar extends for more than a year.
We frequently consult with landlords and tenants to review lease provisions used to calculate or confirm taxes due pursuant to escalation clauses. In certain cases, we assist in drafting tax escalation clauses for landlords when drawing up a new lease.
Our work with developers of innumerable property types requires that estimates of real estate taxes be provided prior to the onset of construction. Here, we can specifically prepare tax estimates for condominium developers for inclusion in their Condominium Prospectus for filing with the New York State Attorney General.