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Tax petitions up 8%.

Tax petitions up 8%

The number of petitions filed for judicial review of property taxes in New York City has gone up 8 percent over last year.

According to Tax Commission counsel, Glenn Borin, the numbers are "nothing surprising."

Borin said there were 24,390 petitions, affecting 31,791 parcels, filed with the courts in all five boroughs. The number of petitions is less than the number of parcels because some properties are made up of one or more parcels. This includes condominiums and those on several lots operated as one entity, with up to eight parcels being filed on one petition. Last year, 22,508 petitions were filed on 24,498 parcels.

Of the 52,557 applications for review of tentative assessment filed in March of this year, Borin said, approximately 13,938 accepted offers at the Tax Commission level which resulted in $1.376 billion given back in total assessed value. "In tax dollars, its only a fraction of that," Borin added. Taxes are paid in an amount approximately equal to 10 percent of the taxable assessed value, which is the lesser of the actual or transitional assessment.

Tax certiorari attorney, Joel R. Marcus, a partner with Pottish & Freyberg and the head of the Real Estate Tax Review Bar Association, said the statistics indicated that the number of properties that have unfair tax burdens have increased.

"Owners are under great pressure to keep tenants and satisfy their mortgage obligations and on the other hand the city is not reducing assessments to reflect those negative realities," he said.

Even so, Marcus said, after reviewing the Department of Finance's 1992 assessor guidelines, he believes most property owners could expect between a 5 and 7 percent reduction when the tentative roll is released in January.

Marcus said he is preparing a number large properties to got trial. "We turned down a number of settlements because we firmly believe we will do better at trial," he said.

Earlier this year, a report by City Comptroller Elizabeth Holtzman found that in 1990, the total number of applications was about 53,500. Of those 46,000 or so which had hearings, 44 percent received offers of reduction and 83 percent of those accepted the offers. Most of the remaining 17 percent filed petitions for judicial review.
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Title Annotation:special review of property taxes
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Dec 11, 1991
Words:382
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