LIC co-op residents face sharp increase in property taxes, end of tax abatement

Tax assessments are expected to jump 87%

New York /
Jun.June 19, 2018 10:13 AM

Citylights at 4-74 48th Avenue in Long Island City

It’s a double-whammy: Residents of a Long Island City co-op are simultaneously facing a sharp spike in their property tax assessments and the end of a tax abatement.

Property tax assessments at Citylights, a 522-unit middle-income residence at 4-74 48th Avenue, are expected to jump 87 percent in one year, just as a 20-year tax abatement is coming to an end, Politico reported. The city’s Department of Finance estimated the co-op’s value to be $101.6 million this year, up from 2017’s $96.9 million and 2016’s $51.7 million assessments. As a result, residents say, they are facing a 60 percent increase in their tax and maintenance bills over the next five years.

“If the city and state don’t do anything, people are going to be forced out of their homes and it’s having a negative impact on property values,” Shelley Cohen, treasurer of the co-op board, told Politico.

She said the fact that the city compares co-ops and condos to rental buildings to determine assessments is unfair, since the older buildings can’t compete with the flashy amenities included in the newer projects. The co-op board is in the process of appealing its assessment.

Last month, the de Blasio administration announced the formation of a commission to review the city’s property tax system, which many thought was a reaction to a lawsuit that argues the current system is discriminatory and inequitable. [Politico] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Los Angeles, New York and Miami metro areas are in the top 10 of owner-occupied million dollar homes. (iStock)
These metro areas have the most — and fewest — million-dollar homes
These metro areas have the most — and fewest — million-dollar homes
BLDG Management founder Lloyd Goldman (iStock)
BLDG plans 800K-sf tower in Long Island City
BLDG plans 800K-sf tower in Long Island City
A closer look at Compass’ trail of litigation over its business tactics
A closer look at Compass’ trail of litigation over its business tactics
A closer look at Compass’ trail of litigation over its business tactics
Salesforce CEO Marc Benioff and Amazon's Jeff Bezos are backing the startup (Getty, Arrived)
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Orchard's Patrick McClymont and HomeLight's Sean Aggarwal (Photos via IMAX, The Org)
Orchard, HomeLight move toward IPOs with new execs
Orchard, HomeLight move toward IPOs with new execs
Sara Gore (right) and Ryan Serhant (Getty)
“Open House” host Sara Gore joins Ryan Serhant’s brokerage
“Open House” host Sara Gore joins Ryan Serhant’s brokerage
From left: Mathew Chapman, Michele Kowal, Maryanne Elsaesser and Rhonda Battifarano (NJ Home Navigators)
Christie’s NJ affiliate claims “big win” in agent-poaching dispute with Compass
Christie’s NJ affiliate claims “big win” in agent-poaching dispute with Compass
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
arrow_forward_ios

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

Loading...