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

Tax assessments are expected to jump 87%

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

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“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