Taxation of Real Property in New York (On-Demand)

Course Description

The course will cover the basics of property assessment, valuation, and taxation in assessing districts throughout New York State as well as special assessing districts like New York City and Albany. Procedure and substantive aspects of the New York Real Property Tax Law will be reviewed, with emphasis on annual compliance requirements for property owners. A comprehensive review will be presented regarding how property owners and those with legal standing can challenge/grieve assessments as well as procedural and substantive issues relating thereto.

Principles

• What is Tax Certiorari in New York
• Property Classification
• Substantive & Procedural Issues
• Special Assessing District Rules- New York City
• New York State Assessment (Procedures outside of New York City)

Syllabus

1. Assessment Methodology
2. Classification of Property for Real Estate Taxation
   • • Protective Classes and Caps
3. Terms of Art
   • • Actual vs. Transitional Assessments
     • Equalization Increases
     • Physical Increases
4. Calculating the Property Tax
   • • Tax Rates
     • Manner of Calculation
     • Billing
     • Notices and Increase by Notice Statutes
     • Budgeting and Forecasting
5. Issues Unique to Co-ops and Condominiums
   • • Method of Assessment
     • The Co-op/Condo Abatement Program
6. Assessing and Reviewing Agencies
   • • NYC Department of Finance
     • NYC Tax Commission
     • NYC Law Department (Office of the Corporation Counsel)
     • New York State Supreme Court
7. Local Law Compliance Requirements for Property Owners
   • • RPIE filings (Real Property Income and Expense
     • Audits
     • Penalties for Non-Compliance
8. Legal Challenges/Grievances/Exhausting Administrative Remedies
   • • Applications for Correction
     • Reclassification
     • Real Estate Tax Audit Reports
     • Article 7 proceedings (tax certiorari proceedings)
9. The Annual Calendar of Events
   • • Taxable status date
     • Administrative Agency calendars
     • Jurisdictional Deadlines
10. Exemptions/Abatements
    • •  Exempt properties and required filing

Instructors

Jeffrey Golkin, Esq.

Robert Litt, Esq.