Real Property and Property-Related Taxes

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Rental income cannot be reported on the straight-line basis over the terms of the leases as under Accounting Standards Codification , but on the basis of actual lease payments. Failure to correctly present all items disqualifies the application from review. Even when substantiation is not mandatory, applicants should strengthen their applications by attaching supplemental information. All related party expenses must be disclosed stating the nature, category, and amounts of the expenses.

However, services or goods provided by related parties for which no charge was made may be disclosed and a fair market value estimated.

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While generally amortization and depreciation of fixed assets is not allowed, amortization of common area improvements is permitted when accompanied by the appropriate detailed amortization schedule. Some examples of common area improvements involve replacements of existing building components such as boilers, roofs, elevators, residential kitchen appliances and cabinets and installation of safety and health systems such as brick pointing, fire safety systems, and environmental remediation.

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Other allowed amortization includes amortization of broker commissions and legal fees incurred to lease space to tenants over the term of their leases, amortization of tenant improvements, and certain lease buyout costs. Some non-recurring items, such as fees paid to tenants to terminate their leases before the expiration date, should be specified and reflected separately. Given the complexity of the Certiorari filings, deadlines, reporting differences between requirements of the Tax Commission and income tax basis or GAAP recording, it is important to consult your Withum professional to assist in the process.

Real Estate. Sadowsky, former chairman of the Council Finance Committee and the head of the city's Tax Study Commission, said political realities had made the property tax difficult to change. Sadowsky, who lives in Beechhurst, Queens.

It's a great deal. The assessment is a fraction of that projection, with the fraction set annually by the city. An examination by The Times of sales of houses in Brooklyn, Queens and the Bronx in showed that assessments and tax bills can have little relation to the actual values of the houses. Not all the disparities were between well-to-do primarily white neighborhoods and less-wealthy parts, where minorities live. Two houses in similar middle-class areas of Brooklyn with virtually the same assessment were sold last year.

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Mapping the Failures Inequities Know No Boundaries If such cases seem extreme, the Comptroller's study indicates that disparities are the rule rather than the exception. The report, based on a review of three years of house sales, found ''a distressing lack of uniformity within every property class and within almost every neighborhood in the city.

In general, it noted, ''the less valuable the property, the more it is taxed in relation to its market value. Regan, echoing city officials, placed some of the blame on the law limiting assessment increases. That constrained the city from increasing assessments and taxes as fast as real-estate prices were rising in many desirable neighborhoods like Park Slope and Cobble Hill in Brooklyn and Forest Hills, Queens. That factor gave these areas a relative advantage over stable or declining areas. Owners of one-family houses in the Fort Greene section, for example, pay twice as much tax in proportion to the values of their houses than nearby homeowners in Brooklyn's most expensive neighborhood, Brooklyn Heights.

The system is so inconsistent that great disparities show up even between affluent communities. But Riverdale homeowners paid nearly three times more property tax than those in Cobble Hill. Assessing is not an exact science. Each one-, two- and three-family house, a total of , in January, is evaluated every year by assessors.

They examine the properties, analyze sale prices and use sophisticated computer programs to determine assessments. The State Board of Equalization, which monitors the property-tax system, says a residential property is properly assessed if the ratio of its assessment to its market value is within 10 percent of the average ratio for such properties citywide. The Comptroller's study found, however, that in and the average assessment error in the city was 43 percent for one-family houses.

The average error was even worse for other properties, the study concluded. Regan's office documented similar, though less extreme, disparities in a report released in Still, the new findings surprised the Comptroller's staff, because the city had followed all its major recommendations, including hiring additional assessors and using computers more sophisticatedly. In another report in , the New York Public Interest Research Group said that two of every three houses that it surveyed were incorrectly assessed and that ''individuals owning less-expensive homes are generally discriminated against.

The city commissioned researchers from New York University to study the tax.

Real Property Tax Services Director

Their report in stated, ''The present system discriminates substantially in favor of better-off households. The report recommended that the city assess all property at full market value. Proponents say that that would let a homeowner judge the accuracy of an assessment and compare it easily with others. The Koch administration never released the report. A 'Remedy' Tried Assessments Cut, But Bias Remained Even within the current system the city can make taxes fairer by lowering assessments on properties that have been overvalued.

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It tried to do that in January, with the reductions for 70, houses. The Times analysis found that 34, of the reductions, or about half, went to Staten Island.

How Do New York City Property Taxes Work in Condos and Co-Ops?

That meant that nearly 40 percent of 89, one-, two- and three-family houses in the borough received tax cuts. An additional 20, reductions went in Queens, or 8 percent of the borough's houses. Less expensive houses, particularly in working-class areas of Brooklyn and the Bronx, have historically been among the most overassessed. But the study found that the reductions in January hardly benefited the owners of those homes at all. Just 13, houses of all types were awarded reductions in those two boroughs. Finance Department officials said their strategy had been based purely on mathematical calculations.

They tried to identify and redress overassessments by lowering the assessment ratio, to 8 percent of market value this year from 8.