Herman Katz Cangemi & Clyne, LLP represented a Fortune 500 and Real Estate Investment Trust on four (4) office buildings located in Central Westchester County. Kevin Clyne and Warren Dubitsky, after protracted pre-trial litigation, secured assessment reduction in the 38-55% range, resulting in refunds and savings of approximately $11,000,000.
New York City released its 2017/18 tentative assessments last week. These assessments will be used to determine the taxes due for the fiscal year that begins on July 1, 2017. Class 4 (commercial) and Class 2 (multi-family residential) have seen large assessment increases over the last five years. That trend has continued with this recently released tentative roll. In a press release, the Department of Finance acknowledged these dramatic increases. Class 4 properties, as a group, had their assessments increased by 8.1% over the previous year. Class 2 properties saw an even bigger increase –… Read more »
The Industrial and Commercial Abatement Program (“ICAP”) provides real estate tax benefits for commercial property development within New York City. The program is authorized by State law but managed by the New York City Department of Finance. The City recently issued a proposed set of rules for the ICAP program and the public comment period for those rules has just been completed (Link). The ICAP law went into effect after the sunset of the former ICIP benefit (“Industrial and Commercial Incentive Program”) in 2008. The law authorized the City to adopt rules for the administration of the program… Read more »
Assessment revaluations have become a controversial issue throughout Westchester County recently. In recent years, Pelham, Scarsdale, Rye, and Mamaroneck have conducted revaluations. In 2016, Greenburgh and Ossining will debut new assessment rolls. Meanwhile, Yonkers, the largest city in Westchester, continues to seriously consider conducting their own revaluation. As a commercial property owner, how can a revaluation affect you and what can you do to protect your bottom line? Background In Westchester, there is no requirement that municipalities annually re-assess. In fact, many jurisdictions have left their assessment rolls unchanged for decades. Instead of changing the… Read more »