A Tax Coup for Co-ops?
NY state law allows some of NYC’s most expensive apartments to be valued at a fraction of their market price, and thereby pay a much lower tax rate than other types of properties. In 2012, 50 NYC co-ops were sold for more than the Department of Finance’s property valuation of their entire building.
According to a Shifting the Burden, a report released this year by NYU’s Furman Center for Real Estate and Urban Policy, this discrepancy has significant impacts on the distribution of tax burdens citywide.
Read the report: Shifting the Burden (released August 2013).
Source: NYC Department of Finance Automated City Register Information System, Final Assessment Roll File, Furman Center for Real Estate and Urban Policy