Co-op and Condo Property Tax Guide

N.Y. State Law mandates that New York City value all Class 2 properties as income producing, based on their income and expenses. This means that when you see the Market Value that NYC assigns to your property, it may not look like what you would expect its sales price to be.

To get to your Market Value, NYC uses a statistical model as a tool to find typical income and expenses for properties similar to yours (in terms of size, location, number of units and age). Next,  a formula is applied to the income data to get to your Market Value.

All rental buildings, cooperatives and condominiums are valued as if they are income producing properties. There are variations in how  your Market Value is determined depending on whether you live in a larger condo or co-op with 11 units or more, or a smaller building with 10 units or fewer.

The rules, regulations and the system can all be very confusing, but NYC has published a guide to Coop & Condo Property Tax Guide that explains and may clarify the issues.

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