City Taxes !!

I just got the new city taxes for July 2015/16 for the coop they have gone UP $1495.04 PER QTR !! Our entire years taxes last year was $27,115.84 This year they are $32,892.10 This is for a small 4000sq ft 6 studio apartment coop in Brooklyn heights !! WTF??

deanbh

in Taxes 9 years and 5 months ago

7

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nyc_sport | 9 years and 5 months ago

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Well, the taxes on my individual condo unit in the east village are about the same as your building. They have literally tripled in the past 10 years (no abatement, 110 year old building converted to 10 apartments 30 years ago).

Putnamdenizen | 9 years and 5 months ago

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Only a limit for 1-3 family properties, I believe. Happened to me when I was in a similar situation with small coop in Clinton Hill. One of the reasons I sold and bought a house. (Also taking advantage of arbitraging the relative willingness of white people to buy in the neighborhood I was selling from and their willingness to buy in my destination neighborhood. Unfair how much lower my taxes are. But we work the system as we encounter it…

xchx | 9 years and 5 months ago

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there is supposed to be a limit of 5-10% on annual increases-you should do your research then contact finance dept to challenge

deanbh | 9 years and 5 months ago

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@Putnamdenzien – nope not expiring abatement, just a regular “tax rise” @Resident2 – I’m not a landlord, just the coop treasurer who opened the mail yesterday and was shocked at the rate rise as such this isn’t a rent stabilized issue. Lets just say next time I see government waste I’m going to be a lot more vocal about it. I just don’t understand how our taxes can go up 21% in one year????

resident2 | 9 years and 5 months ago

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Landlords of rent stabilized buildings are paying more than 30% of the gross rent to Real Estate taxes in many cases. You can challenge it and you will end up paying no more than 30% of your gross maintenance. You will have to fill out an income & expense statement. So it may change the way that calculate your maintenance costs, instead of collecting reserves to cover capital improvements, you may decide to charge assessments so that it does not count as “income” in your maintenance charges.

greenmountain | 9 years and 5 months ago

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$456.83/apt/month

Putnamdenizen | 9 years and 5 months ago

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Abatement expiring?