Manhattan Property Tax Reduction
Owning prime real estate property in the New York City borough of Manhattan is a wonderful dream come true for many proud owners. Paying Manhattan property tax, however, is often shrouded in legal fog. New York City tax assessors can make mistakes. We can help to correct them.
Our real estate tax attorneys at Apfelbaum & Apfelbaum, LLP routinely negotiate on behalf of NYC real estate property owners and developers to obtain reductions in property tax assessments. We do this for both commercial and residential and properties for all of Manhattan. Every client is dear to us and receives our top attention.
Manhattan Property Tax Services
- We first absorb key information on your property, such as past year revenue, expenses, any capital improvements or repairs performed, any of the maintenance costs paid, and any other financial transactions for the property. We also will process any leasing issues experienced and your understanding about why those issues exist. We want to learn anything and everything that impacts the valuation of your Manhattan property.
- We will pursue an appropriate new valuation of the property in question, once all key information has been obtained. We conduct our estimation in a way that brings out the unique physical and historical qualities of the property. We discover the one-of-a-kind story these qualities combine to tell and the value this brings to the surrounding community.
- Next, we present the revised property valuation on your behalf. Our firm represents you and your property at administrative hearings officiated at the New York City Tax Commission office located in downtown Manhattan.
- Upon conclusion of the Tax Commission hearing, an offer may be extended by the Commission to reduce your property’s overall assessed valuation. If so, we will engage in consultation with you, the client, as to the overall merits and/or anticipated issues with accepting the offered valuation adjustment. If you are not offered a reduced valuation for your Manhattan property, we will advise you on any possible merits of preserving your right to re-argue the case at a more opportune moment in the future, and the reasons such a move may be warranted.
As each Manhattan borough property valuation case is different and uniquely challenged due to many surrounding legal and historical issues, the implications of accepting an offer from the Tax Commission can be complex. Our firm takes great care in helping the client to identify and clarify these issues in order to help the client make the most balanced and informed decision possible.
About Manhattan Properties Market Value
Of all New York City boroughs, Manhattan properties have consistently been valued highest. Property taxes for NYC make up roughly half the total tax revenues of the city, but the boroughs are far from being taxed equally.
For instance, according to the NYC Department of Finance, while the total property values in New York City were estimated at $1.3 trillion1 for all boroughs combined as of tax year 2019/20, Manhattan alone accounted for well over a third of that total at a dizzying $500 billion. This total includes four differing property taxation classes. Manhattan uses these resulting funds to pay for city services like fire and police, sanitation and corrections.
Annual Manhattan Property Tax Increases
For the tentative 2019/2020 tax year in Manhattan alone, there has been an 8.02% increase in the total taxable assessed value ($169,413,647,124 in total) over the previous tax year ($156,831,260,384). 2
Manhattan’s property taxes are eyed closely by city officials as municipal costs continue to soar. Property taxes can easily become inflated as the city struggles to match up city revenues with these rising budgets. Inflated property tax assessments can be contested in some cases on various grounds, and our firm is called upon to represent property owners in this regard.
Contact Us Today
At Apfelbaum & Apfelbaum, LLP we give each and every Manhattan borough property tax client quality attention and care. If you require assistance in challenging your existing Manhattan property tax assessment – even if you have special, unique issues surrounding your property case – please contact us at 646-355-8602; or complete our Property Tax Appeal Form.
1 Department of Finance, Annual Roll Sets Tentative Values for All New York City Properties Citywide Market Value Increases to $1,323 trillion, January 15, 2019.
2 New York City Department of Finance Taxable Assessment and Market Value Profiles, Final FY 2018/19 vs Tent. FY 2019/20, Summary by Boro.