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City releases tentative tax roll.

The Department of Finance was expected to announce a tentative property tax roll this week that is not expected to be as much as last year's $85 billion tentative roll.

In spite of obvious declining market values, the billable assessments could be in the neighborhood of $81 billion because of rises in transitional assessments still phasing-in from the high market values of the late 1980's.

In May of 1991, the final tax roll that was published indicated city-wide billable assessments had declined to $78,467 billion from the $79.2 billion tentative roll. That was still higher than the $76.2 billion billable final roll for 1990/91. The final actual roll totaled $83.611 billion, down from the January 1991, $85 billion tentative roll. Property owners pay on the lesser of the actual or transitional assessment.

The actual assessments declined last year for the first time since 1982, and are expected to decline again for this week's 1992/93 roll. Fiscal year 1990's actual assessments were the highest ever, totalling $91.5 billion.

Attorneys said owners have until March 2 to file protests for Classes 2, 3 and 4 while homeowners have until March 16 to file applications for reconsideration of their property's tentative assessment.
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Title Annotation:New York City
Author:Weiss, Lois
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Jan 15, 1992
Words:206
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