City will tax co-ops at lower rate, apartment assessments to rise
The NYC Department of Finance is being told to go back to the drawing board after city lawyers requested that it recalculate th method it used in determining the value of rental apartments, co-ops and condos.
Now, the assessment notices sent out last month to residential owners are no longer valid, and change notices are expected to be mailed over the next few days.
If things go according to plan, rental apartment assessments will most likely go up, while co-ops and condos will go down.
Under an old state law, co-ops and condominiums had to be valued as if they were rental buildings. During this assessment cycle, the Finance Department used one methodology to calculate the assessments for rental apartments and another to assess the value of condos and co-ops.
The city dept of finance could screw up a one car funeral. Absolute morons.