The tax man
During the past decade, it has become increasingly popular for home buyers—particularly those with bold-faced names—to shield their identities with LLCs and trusts. By using an LLC, a privacy-minded person can (usually) prevent sleuths from salmon-colored papers like this one from dredging up their purchase from city records and exposing how much they paid and what their new kitchen looks like.
But while such identity cloaking has become all but de rigueur for the celebrity buyer and a matter of preference for other press-averse people, the cost of privacy is poised to go up considerably. That’s because the city’s co-op and condo tax abatement, which has been enjoyed by nearly all co-op and condo owners at a sizable 17.5 percent since 1996, will no longer be available to those who own their apartments through LLCs or trusts. The change will mean considerably higher taxes for some 7,700 property owners.
Last week, Massey Knakal hosted its annual Multi-Family Summit at the McGraw-Hill Conference Center in midtown. The crowd of over 700 attendees had an opportunity to hear perspectives from dozens of speakers, including many of the top participants in this market segment in New York City.
Azi Paybarah has the latest at our sister site, PolitickerNY, on Assembly Speaker Sheldon Silver’s property tax cap proposal. Scroll down and you’ll see praise from the big-time business group, Partnership for New York City.
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If the computer’s don’t kill us, the taxes will.
The city’s Department of Finance began using a new formula along with new computational software last year to calculate taxes for the city’s vast swathes of co-operative housing stock last year. It resulted in huge new assessments for hundreds of buildings, according to The Journal, driving Read More
Property taxes were one of the biggest issues in last year’s gubernatorial campaign, but it was seen largely as a suburban issue affecting upstate and Long Island homeowners, not the vast ranks of city residents who tend to rent. But it turns out property taxes have consequences right here in the five boroughs, as The Read More
A reader from the Upper West Side emails:
Yesterday I received 2 calls from Siena Research. The first looking for a man and since I wasn’t a man, they didn’t poll me. Second time they looked for a man of various ages then accepted me.
Lots of questions about how bad real estate was in Read More
About a month ago, the city’s Department of Finance published the tentative assessment roll for fiscal year 2012 (July 2011-June 2012). Projected market values in the upcoming year increased by 3.75 percent to about $823.5 billion for New York City’s more than one million properties. This statistic confirms what property owners have known Read More
While the city’s economy is showing signs of life, the real estate community knows all too well that property values remain far below what they were at the height of the market more than two years ago. It’s estimated that on a per-square-foot basis, property values have fallen by 38 percent compared with the pre-crash Read More
Here’s an interactive map of New York’s current property tax assessments, according to PropertyShark. The higher the assessed value, the redder the map; the lower, the bluer. You get the picture: Manhattan drips red and the outer outer-boroughs feel a little blue (perhaps an inverse of our politics?).
This map shows whether the Read More