The Real Deal New York

Tax commission granted $6B in assessment reductions in 2014

Verizon, Standard Hotel received biggest tax breaks

April 01, 2015 01:00PM

Standard Hotel Madison Square Garden

From left: The Standard Hotel and Madison Square Garden

The New York City Tax Commission, an independent body in charge of property assessment reductions, granted almost $5.9 billion in breaks last year, according to a new report.

In 2014, the commission reviewed 52,221 protests and hearing 24,254 cases on 193,305 tax lots, the New York Post reported.

Offers were made and accepted on more than 7,800 cases that affected 33,987 lots worth a total of $4.9 billion in assessment reductions, the newspaper reported. Offers on previously unresolved offers from the year before were also made and accepted.

The resolved cases also include Hurricane Sandy victims, commission president Glenn Newman told the newspaper.

The biggest winner was Verizon, which received $199.2 million — $93.8 million of which on one location — in assessed value reductions, the newspaper reported. The Standard Hotel in the Meatpacking District came in second, with a $41.9 million reduction, followed by Madison Square Garden‘s $36.9 million break. [NYP, 2nd] — Claire Moses

  • Lordyuyu

    if in year 1 you spend X amount of dollars to maintain the city as a government and year 2 its the same X amount, why do you keep all that extra money from taxes instead of returning it to the people you are taxing. you got by the first year without extra money, im sure there is no real reason you need it the second year.

    • Sajh

      It’s really not that simply. For instance, if there is (and there always is) planned repairs that are due in 5 years for aging roads or infrastructure, you will need to have a reserve amount on hand. Plus what happens if in year 3, the economy tanks and now you need 33% more than the prior year due to lost revenue. You cant start at net-zero every year. You have to prepare for both expected and unexpected expenses. I understand Verizon having gotten a deal (since they have millions of generators that the city taxes plus hundreds of pieces of land all over the city, but MSG sounds FAR too fishy esp considering they already get plenty of tax breaks….)