- Affordable New York
- Annual Compliance
- Assessment Process
- Exemptions & Abatements
- Property Tax Appeals
It has been nearly a year since the City clarified the rules related to Affordable New York Housing Program (new 421-a). However, the developers of rental buildings are still struggling with the previously unfamiliar processes of Housing Lottery and tenant selection for income-restricted units.
Using one of the several appraisal methods allowed by state law, the City estimates the market value of each property. Once the market value is determined, the assessment ratio is applied in order to establish the portion of this value subject to taxation.
All New York City real estate is subject to annual valuation. As outlined in our post on Assessment Basics, a property’s assessed value is determined by applying the assessment ratio to the property’s market value – finance’s estimate of your property’s worth.