Are Your Property Taxes Higher Than Your Neighbor’s?
August 5, 2024 – Media Mention
The New York Times, Habitat Magazine
Herrick Real Estate partner, Brett J. Gottlieb, was quoted in The New York Times "Ask Real Estate" column addressing a reader's question about the reasoning for their condominium having higher property taxes in comparison to their neighbors.
The article noted that a majority of condominium buildings in New York City are considered Class 2 properties, and the city asses them as if they were market-rate rentals. A condominium's would-be net operating income is factored into the tax calculation. "The net operating income will be dramatically higher for a Fifth Avenue apartment versus an apartment of similar size in most parts of the Bronx," explained Brett.
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