10/13/2020
Good News Everybody! The condominium’s tax counsel was successful in negotiating a reduction in the building’s assessed valuation with the NYC Tax Commission. The reduction for tax year 2019/20 was 6.6%; the reduction for tax year 2020/2021 was 8.7%. See attached letter. The board accepted the Tax Commission’s offer. Tax counsel was engaged on a success basis; the fee was 15% of the achieved refund/savings. See attached table. Refunds will be applied against the fee due. Fees due on future tax savings will probably be paid by the condominium from common charge collections. You should see a reduction in your assessed valuation and thus your property tax soon.
Please see images below which are both public record.
