Tax commission granted $6B in assessment reductions in 2014

Verizon, Standard Hotel received biggest tax breaks

TRD New York /
Apr.April 01, 2015 01:00 PM

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

Related Articles

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

212 Fifth Avenue and Jeff Bezos (Credit: StreetEasy and Getty Images)

June was the best month ever for New York’s luxury market. July is another story.

Tuscany, Italy (Credit: iStock)

Benvenuto! Why the number of high-net-worth individuals applying for Italian residency may spike

(Credit: iStock)

For one month, Manhattan’s resi market returned to glory. Why it won’t continue.

Jersey City Mayor Steve Fulop (Credit: Getty Images)

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion

No longer New Yorkers: Some are fleeing the tri-state and heading to lower-tax areas

“Everyone’s trying to sell before July," noted Vicky Barron of Compass. “It’s bonkers.” (Credit: iStock)

It’s deal frenzy before the taxman cometh