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New York

Tax commission granted $6B in assessment reductions in 2014

Verizon, Standard Hotel received biggest tax breaks

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.

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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

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