C of O - 4 family to 3 family or lower

Was curious if anybody has been through the process of changing their C of O from a 4 family to a lower classification and how that impacted property taxes.  Our property like most brownstones currently has a very low assessed value because of the historical cap on increases in assessed value.  I know that the cap can be lifted when you do major improvements, but in that case the amount by which the cap is lifted should hopefully correspond to the value of the improvements/what you listed as the cost of your project in the building department form.  What I’m mostly interested to know is if the cap completely goes away when you change the C of O from a 4 family to a 3, 2, or 1 family so that basically the city can start over with market value and impose your tax on that amount, which would really stink.  Thanks.

cobblehillhome

in Taxes 12 years and 5 months ago

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eme1million | 12 years and 5 months ago

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Cupolaco, the question was both clear and soundly based in the first post.  Annual increases on assessed values on property considered to be owner-occupied are capped, and indeed this is the reason many people’s property taxes are low.  Assessed values do “catch up” with major renovations.  They do not change much, if at all, when you simply change the C/O.  Sorry you are out of work right now, but don’t take it out on people seeking information on this site.

cupolacoffee | 12 years and 5 months ago

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Your post is riddled with misinformation when it comes to “knowing” about “historical caps” and “low assessed value”. Find yourself an attorney whose practice is tax certiorari.