The Department of Finance released its property tax roll on Jan. 19, two days late from the planned release date of Jan. 17. But overtaxed co-op owners won’t have the same freedom to miss their deadline. That will change if the Department listens to the advice of Council Member Dan Halloran (R-Whitestone).
Halloran requested on Jan. 25 that co-op owners be given additional time to contest their assessments.
“The Department of Finance increased the assessed values on many middle class co-op owners. The least it can do is give them an extension in contesting their assessments,” Halloran said. “We know that some mistakes in assessments have been make. Co-op owners deserve more time to make sure their rates are as fair as possible.”
The deadline to contest assessments is March 1 for Tax Class 2, which includes cooperatives. Halloran is calling for that deadline to be extended to March 15, which is the deadline for Tax Class 1.
Cooperatives in Queens saw an increase this year of over 9 percent. Citywide a whopping 75 percent of co-ops saw their market values increase over 10 percent. Proposed Albany legislation would reclassify co-ops and condos, taxing them in the same category as single-family homes and minimizing their potential annual tax increases.
Property owners may contest unfair assessments through either Small Claim Assessment Reviews or tax certiorari proceedings in State Supreme Court.
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