Report Proposing an Amendment to the NYC Administrative Code regarding Real Property Tax Assessments

SUMMARY

The Committee on Condemnation and Tax Certiorari recommends amending Section 11-216 of the NYC Administrative Code to increase from $1 million to $ 3 million the property value threshold below which a property owner would not need a statement of income and expenses prepared by a CPA to obtain a reduced assessment. The $1 million threshold was set in 1973, and property values have increased greatly in the intervening years, encompassing more small property owners. The submission of the required statement is a costly burden on those owners. According to the Committee, increasing the threshold to $3 million is simply remedial in nature, and is a necessary step towards increasing the fairness in the New York City property tax system.