Three questions for appraiser Jeffrey Jackson as NYC home tax challenge deadline looms

New York /
Feb.February 18, 2010 03:36 PM

Jackson is the co-founder of appraisal firm Mitchell, Maxwell & Jackson. The firm, which covers New York and Connecticut, processes more than 30,000 reports annually representing over $3 billion worth of property.

The deadline to challenge a home’s 2010 assessed value in New York City is March 1. What are the major problems with tax assessments in a down market?  
The major problem is the ability of the assessors to capture the true market. The rate of change has been exceptional and unprecedented.

How many appeals do you expect to file by March 1?
We expect to file a dozen or so.

In what neighborhoods are there the most assessment problems today and why?
The biggest problems are not neighborhood specific. Rather, they are with properties that were bought at the peak of the market. Many of the so called “trophy properties” are the ones that in retrospect over-sold and therefore have the most egregious assessments today.
 
Compiled by Lauren Elkies


Related Articles

arrow_forward_ios
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Moishe Mana, Eugene Lemay and the Mana Contemporary (Getty, Wikimedia)
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...