Avenue Law Firm, led by prominent NYC real estate lawyer Peter Zinkovetsky (https://www.avenuelawfirm.com/property-taxes-determined-new-york-city/), released an enlightening article that demystifies the process of determining property taxes in New York City. Property taxes, though often perplexing for many residents, are a significant source of revenue for municipal governments.
In the article, NYC real estate lawyer Peter Zinkovetsky addresses the concerns of property owners and sheds light on the structure and classification of properties in New York City. He points out that about 45% of all NYC tax dollars are collected from real estate taxes, making it essential for residents to understand the process.
The article meticulously breaks down the complex mechanisms involved in calculating property taxes. According to Zinkovetsky, an NYC real estate lawyer, properties are divided into four classes. Class 1 includes one-to-three-unit residential properties. The article primarily focuses on how taxes for properties in Class 1 are determined.
Peter Zinkovetsky explained, “The first step the government takes in calculating Class 1 residential property tax bills is determining the market value of your residence using statistical analysis incorporating data such as recent selling prices of similar properties in your neighborhood.” He further elucidates that the second step is assessing a percentage of the market value, which is then followed by applying any exemptions that are on file.
“Exemptions reduce your assessed value before your taxes are calculated. The City of New York offers exemptions to seniors, veterans, clergy members, people with disabilities, and other homeowners. This reduces your taxable value,” Zinkovetsky remarked.
He also touched upon the importance of understanding the distinction between assessed value and market value. He highlighted that the assessed value for Class 1 properties cannot increase more than 6% in one year or 20% over five years, regardless of market value fluctuations.
Further, the article discusses abatements, which can reduce your taxes after they have been calculated, providing relief to property owners. Zinkovetsky notes that standard abatements provided by the government include cooperative and condominium abatement, green roof abatement, major capital improvement (MCI) abatement, and solar roof abatement.
Additionally, Zinkovetsky highlights the Constitutional tax limit and the Tax Cap as critical factors in property tax calculations. The Constitutional tax limit is the maximum amount of real property tax that can be collected in each fiscal year, while the Tax Cap is another tax levy regulation that was enacted in 2011.
With the intricacies involved in property taxes, it is evident that property owners need to arm themselves with knowledge to make informed decisions and potentially alleviate some of the burdens of property taxes.
For those grappling with property tax assessments or seeking further clarity on the subject, the article by Peter Zinkovetsky is an invaluable resource. Don’t miss this opportunity to learn from a seasoned NYC real estate lawyer about the crucial aspects of property taxes in New York City.
About Avenue Law Firm:
Avenue Law Firm, spearheaded by Peter Zinkovetsky, is a New York City-based law firm known for providing comprehensive legal services in the realm of real estate law. With a commitment to excellence, the firm guides clients through the complex landscape of real estate transactions and property tax assessments. Through meticulous analysis and strategic approaches, Avenue Law Firm ensures that clients are equipped with the knowledge and tools necessary to navigate the real estate market in New York City.
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Email: peter@avenuelawfirm.com
Website: https://avenuelawfirm.com/
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Website: https://avenuelawfirm.com/