Tax Appeal Audit Threshold to Increase for New York City Property Owners
Are you a New York City commercial property owner with properties assessed at $1 million or more? If so, did you know you are required to have a financial audit performed by an independent accountant in order to appeal your property tax assessment?
It’s a catch 22. Property owners are required to pay thousands of dollars for an audit to be eligible to appeal their assessment, all in the hopes of paying less on their property taxes.
Currently, a proposal is under consideration to raise the $1 million threshold. If approved, only properties assessed at $5 million or more will be required to have their financials audited. Those properties assessed at less than $5 million would no longer be required to submit audited financials.
This is good news for many New York property owners. But timing is key.
Commercial property owners will receive their 2019 property values on or about January 15, 2019, but the City's appeal filing deadline is March 1, 2019. Ryan’s team of commercial property tax experts are ready to move quickly and help you with the necessary preparations to prevent costly audits and tax bills with services such as:
- Valuation Analysis and Appeals
- Due Diligence and Tax Estimates
- Asset Purchase Allocation / Transfer Tax Mitigation
- Qualification for Tax Credits, Abatements, Exemptions, and Incentives
- Strategic Planning
While this proposal is still awaiting final approval, NOW is the time to begin preparing.
Have questions? Contact our team of experts to help you get started.
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Ted Kuch |
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Jamie Suzor |
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