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Recent Changes to the Inclusionary Air Rights Program.

The Inclusionary Housing Program (the “IH Program”) of the New York City Department of Housing and Development (“HPD”) confers on developers (a “LH Developer”) of low-income housing transferrable development rights (called “Inclusionary Air Rights” or “IAR”) which may be used either on-site to enlarge a mixed-income project or off-site to enlarge a market rate project. Please note that IH Projects commencing on or after July 29, 2009 are subject to certain changes that have been made to the IH Program. Read Full Article >

2010/2011 Tentative Assessments Issued on January 15, 2010.

On January 15, 2010, the NYC Department of Finance (“DOF”) issued Tentative Assessments for the 2010/2011 Tax Year (which commences on July 1, 2010).  We recommend that you review these carefully for all properties and contact us if you have any questions.  We are available to assist with Tentative Assessments and with DOF matters generally.  We can coordinate with Tax Certiorari counsel as well.  The deadline to challenge a Tentative Assessment varies according to the type of property.

Assessed Value Allocation Problems On The Rise.

Recently, a number of Condominium Boards of Managers have noticed that DOF has not allocated Assessed Value (“AV”) among condominium units in accordance with each condominium unit’s percentage of interest in common elements.  While this misallocation of AV often goes unnoticed during the initial years of Condominium operation, usually due to the presence of 421-a or J-51 real property tax benefits, as the real property tax benefit burns off, AV misallocation can result in significantly imbalanced tax bills for similar or identical condominium units.  If you have questions about this issue, or about other issues relating to property tax bills, please contact Daniel M. Bernstein at .(JavaScript must be enabled to view this email address) or Adam A. Levenson at .(JavaScript must be enabled to view this email address).