Friday, March 30, 2012

New York City Property Tax Bill Appeals Surge

Some 2,723 homeowners have challenged their increased tax assessments with the city Tax Commission this year. That's up 18% from the 2,295 who did so in 2011, and represents the highest figure in more than a decade.

The increase is due in part to the bad economy, tax experts say.

"With the economy still a bit slow, people are looking to save," said Tax Commission President Glenn Newman.

Homeowners are also reacting to the perception that the real estate market remains weak, despite incremental improvements that have raised the value of their properties slightly, he added.

In the past, many homeowners have reported being confused by the format of the tax bill.

City lawmakers have long complained that the forms do not include a detailed breakdown of how the new rates were calculated. They contend the city Finance Department has not done enough to educate homeowners on the process.

"Property taxes are highly complex," agency spokesman Owen Stone said when questioned by the Daily News on the matter.

"We appreciate the frustration of some property owners and are always working to make our notices as clear as possible."

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