More property owners filing tax appeals

The New York City Tax Commission
has been swamped with appeals from property owners hoping to lower
their tax bills, according to the Post. Officials said 44,488 appeals
were filed by owners of residential and office buildings, up 5.6
percent from the 42,106 filed last year. “When the market is rising,
most real estate operators would not complain about that,” said one
official. “This year, it’s a different story. If your tenant was Lehman
Brothers, you probably have a good chance of getting a reduction.” In
Manhattan last year, just 2,500 of 18,830 appeals were successful.