NYC Makes it Easier to Challenge Property Assessments

By Darya Shneyder  |  January 29, 2019

Many real estate owners who just received their property value assessments from the NYC Department of Finance may find it easier to challenge those assessments this year.

On January 24, 2019, the NYC Council approved a measure that allows properties with assessed values below $5 million to challenge the assessment without filing Form TC309 (Accountant’s Certification). Prior to the decision, the city required a CPA to certify Form TC201 (Income and Expenses Schedule for Rent-Producing Properties) for all properties assessed above $1 million.

This change benefits property owners who have seen their assessment values increase over the years and want to file a real estate tax certiorari. If the property's actual assessed value (not transitional) is under $5 million, only Form TC201 is now required. It is still wise to consult with a CPA while preparing your appeal.

Click here to read more about challenging your NYC property value assessments.

About Darya Shneyder

Darya Shneyder Linkedin Icon

Darya Shneyder, CPA, is a Partner in the Real Estate Group at Marks Paneth LLP.  Ms. Shneyder specializes in providing accounting, auditing, tax and advisory services to commercial and residential real estate owners, developers and co-ops and condominiums. She also specializes in securing real estate tax reduction via certiorari audit filings. With more than 13 years of experience in public accounting, Ms. Shneyder’s background also includes audit and tax services for the manufacturing and distribution... READ MORE +

SUCCESS IS PERSONAL Click here to learn more about our brand