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On January 17, the New York City Department of Finance published its tentative property tax assessment roll valuing all real estate in New York City as of the January 5, 2023 "taxable status date." The final assessment roll will be published on May 25 and will affect property taxes due for the city's 2023/24 fiscal year (July 1, 2023 - June 30, 2024).

In our article earlier this year before the New York City Department of Finance published the 2022/23 tentative property tax assessment roll, which reflects its valuations as of the January 5, 2022 taxable status date

On January 15th, 2022 (or shortly thereafter), the New York City Department of Finance, as it does every year, will publish its tentative property tax assessment roll valuing all real estate in New York City

Ditchik & Ditchik is expanding its New York real estate tax group with the addition of a lawyer who's slated to formally join the firm in the coming weeks, Law360 has exclusively learned.

On January 15, 2021, the New York City Department of Finance, as it does every year, published its tentative property tax assessment roll valuing all real estate in New York City. This was one of the most anticipated assessment rolls in recent memory, as it is the first roll to reflect the decline in real estate values following the Covid-19 pandemic.

Certainly nobody out there was sad to say "good riddance" to 2020, least of all property owners in New York City. But even with a tumultuous year behind us and an uncertain near and long-term economic future ahead of us, at least one thing will remain constant from one year to the next in New York -- the property tax system.

One of the biggest concerns of New York City property owners during the current COVID-19 pandemic has been the ability to pay their property tax bills, the first half of which were due July 1st and the second half will be due January 1st for most taxpayers.

In late February, the Appellate Division (1st Department), dismissed a lawsuit filed by an association of property owners and renters known as Tax Equity Now NY (TENNY)

It seems that 2019 was a better year for new regulations on New York real estate owners at both the state and city levels. Ensnared in the regulatory mix beginning in 2020 our owners of New York City buildings in all tax classes containing ground- and/or second-floor commercial space, commonly referred to as “storefronts”.

This practice note provides an overview of real estate taxation in New York City (the “City”) including (1) the process by which the City assesses real property, (2) how property owners challenge the City’s assessments, (3) benefit programs available to reduce property owners’ real estate tax burdens, and (4) the importance of understanding real estate taxes in lease negotiations.

The New York City Advisory Commission on Property Tax Reform recently issued its preliminary report of recommendations to reform the real estate tax system in NYC. There will be further public hearings, comments and revisions to these recommendations before a final report is issued. To have most of these recommendations implemented, legislative changes at the city and state level would be required. Cooperation among the Mayor, Governor, NYC City Council and others would also be required.

Recent changes and developments, both legislatively and with respect to New York City policy, could substantially impact certain commercial real estate tax incentive programs. These developments will make obtaining and retaining these tax incentives more difficult for taxpayers and will serve to increase City revenues at commercial taxpayers’ expense.

Property owners in New York City should be mindful of the upcoming October 23 rd , 2020 deadline to file a Petition pursuant to Article 7 of New York’s Real Property Tax Law in the New York Supreme Court. This filing is required in order to preserve the right to contest the real property tax assessment for the 2020/21 fiscal year. This annual deadline is immovable and non-waivable – in other words, the failure to file a petition by October 23 rd will result in a total loss of a property owner’s right to contest its 2020/21 assessment.