Atlantanews Online

NYC real estate lawyer Peter Zinkovetsky (https://www.avenuelawfirm.com/property-taxes-determined-new-york-city/) from Avenue Law Firm has recently published an enlightening article detailing the intricacies of property tax determination in New York City. With real estate taxes forming a significant portion of the city’s tax revenue, understanding this financial obligation is of utmost importance to property owners across the Big Apple.

The informative piece by the NYC real estate lawyer delves into the various classes of properties in New York City and the specific approaches used by the government to calculate residential property taxes, particularly focusing on Class 1 properties. It’s a must-read for anyone looking to demystify the complex world of property taxes in one of the world’s most dynamic real estate markets.

“Property taxes are a substantial expense for New York City homeowners,” said NYC real estate lawyer Peter Zinkovetsky. “The goal is to provide clarity on how these taxes are assessed and what property owners can do to potentially reduce their tax liabilities.”

The article explains that the first step in determining property taxes is assessing the market value of a residence, which is done through statistical analysis of similar property sales in the neighborhood. This is followed by calculating the property’s assessed value, which is capped by state law to prevent drastic increases year over year.

“Despite market value fluctuations, the assessed value could continue to increase due to statutory caps,” added Zinkovetsky. “This makes understanding one’s tax assessments and potential exemptions crucial.”

Zinkovetsky further discusses how exemptions can significantly lower tax bills, highlighting programs such as the School Tax Relief (STAR) program, exemptions for senior citizens, veterans, and persons with disabilities. Each of these can have a meaningful impact on a homeowner’s annual financial obligations.

Moreover, the article sheds light on the Constitutional tax limit and the Tax Cap, explaining their roles in limiting the amount of real property tax that can be collected and how they affect the financial dynamics of municipal budgets.

The complexities extend to the various transfer taxes that apply when buying or selling property in New York City, including the NYC real property transfer tax (RPTT), New York State transfer tax, and flip taxes, each with its own criteria and rates.

Understanding these taxes and the potential for reducing one’s tax burden underscores the importance of consulting with a knowledgeable real estate lawyer. The article emphasizes the value of legal guidance in navigating property valuations, exemptions, and disputes.

For those grappling with property tax issues or seeking to optimize their tax strategy, the article offers a wealth of knowledge and underscores the importance of staying informed on the ever-changing tax regulations in New York City.

Homeowners and potential buyers are encouraged to educate themselves on these matters to enhance their financial wellbeing and ensure they are not overpaying on property taxes. The Avenue Law Firm’s recent publication is an essential tool in achieving this goal.

About Avenue Law Firm:

Avenue Law Firm, based in New York City, is a reputable legal practice focusing on real estate law. With a deep understanding of the local real estate market and the complex legal landscape that comes with it, the firm is dedicated to guiding clients through transactions, tax matters, and litigation with precision and care. Their team of experienced attorneys strives to protect their clients’ interests and provide peace of mind in all real estate endeavors.

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Contact Person: Peter Zinkovetsky
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Phone: (212) 729-4090
Address:360 Madison Ave 9th Floor
City: New York
State: New York 10017
Country: United States
Website: https://avenuelawfirm.com/