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Covid-19 Impact on Real Estate Tax Challenges and Tenant Preferences

The only thing we can be certain of is that we are living in uncertain times. The longer New York’s quarantine lasts, to protect the population from Covid-19, the greater the upheaval in the real estate market. Tenants in most buildings are now either unable or unwilling to make rent payments. Landlords have responded in [...]

By |2020-09-20T18:39:00-04:00May 15th, 2020|News|Comments Off on Covid-19 Impact on Real Estate Tax Challenges and Tenant Preferences

NYC Storefront Vacancy Registration…finding a solution to a problem or causing further administrative nightmares?

The City Council has approved and is now implementing a new law requiring commercial building owners to register rental details for retail, restaurant and service-sector storefronts and second floor spaces with the City. Commercial properties that are already filing their Real Property Income & Expense (RPIE) statement will see this as an additional component to [...]

By |2020-03-29T19:56:24-04:00February 13th, 2020|News|Comments Off on NYC Storefront Vacancy Registration…finding a solution to a problem or causing further administrative nightmares?

New York City Tax Reform Commission Finds Inequality of Residential Tax Burdens By Borough. Recommends Five Year Shift of Taxes to Condominiums & Cooperatives

On January 31, the New York City Advisory Commission on Property Tax Reform issued a long awaited report on the state of assessment equality, or, as it turns out the lack of equality imbedded in New York City’s tax assessment system. The City has shared its unique assessment system of four tax classes, four tax [...]

By |2020-02-08T13:54:45-05:00February 5th, 2020|News|Comments Off on New York City Tax Reform Commission Finds Inequality of Residential Tax Burdens By Borough. Recommends Five Year Shift of Taxes to Condominiums & Cooperatives

Nassau County Property Owners Face Countywide Tax Reassessment

Nassau County Property Owners Face Countywide Tax Reassessment County Executive Laura Curran recently sent a Tax Impact Notice to Nassau  property owners informing them that local real estate taxes have been reassessed. This marks the first county-wide reassessment since 2011, when tax rolls were frozen by the previous administration. The revaluation will have far-reaching impacts [...]

By |2019-05-15T10:07:52-04:00January 24th, 2019|News|Comments Off on Nassau County Property Owners Face Countywide Tax Reassessment

New York City Property Tax Rates Will Not Change for Commercial Properties, Apartment Buildings, Cooperatives, and Most Condominiums, but Will Increase for Homeowners

New York City Department of Finance has released 2018/19 residential and commercial property tax rates. Residential Class 1 property tax rates (1-3 family homes and condominiums of 3 stories or less) have increased 2.61% from $20.385/ $100 to $20.919/$100. Residential Class 2 property tax rates for apartments, cooperatives, and condominiums of 4 stories and higher [...]

By |2019-06-13T09:26:52-04:00November 20th, 2018|News|Comments Off on New York City Property Tax Rates Will Not Change for Commercial Properties, Apartment Buildings, Cooperatives, and Most Condominiums, but Will Increase for Homeowners

Nassau County Revaluation Update: Can a Phase-in of Assessments Work in Nassau County?

Nassau County Revaluation Update: Can a phase-in of assessments work in Nassau County? The real estate tax Law Firm of Schroder & Strom weighs in on tremendous risk to the financial stability of Nassau property owners. Nassau homeowners have received revaluation notices from David Moog, the County Assessor, advising that the value of their homes [...]

By |2019-05-24T11:40:47-04:00November 19th, 2018|News|Comments Off on Nassau County Revaluation Update: Can a Phase-in of Assessments Work in Nassau County?

What Affects the Value of Your Home?

How to understand all the factors that affect the values of properties in Nassau and Suffolk County. What is your Long Island home worth? You may think your Nassau or Suffolk County home is worth a million dollars or more. Perhaps a buyer or lender won’t agree. The local assessor may believe your Long Island [...]

By |2020-06-20T22:32:19-04:00October 26th, 2018|News|Comments Off on What Affects the Value of Your Home?
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