NYC Tax Classes

Hi All,

Just a thought, could one purchase a 10+ unit building and complete Alt 1 renovations to make it 10 units or less and reduce your taxes by putting it to a 2A or 2B? Then update the units and have the tax increases capped. Essentailly tax class aribtrage?

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3 Comments

jbh12120

RE

1y

Yes but taxes will be reassessed first. Still a great outcome to have your taxes capped at a 30% increase over 5 years considering some class 2 buildings double over that time span.

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Authored by: Certified Real Estate Professional - 3rd+ Year AnalystCertified Real Estate Pro

Ozymandia

?

1y

Sure but you're putting in a lot of money and making your building less efficient on a $/sf basis, too. Plus, DOF is a shitshow and it may take years to get your reduction....

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C.R.E. Shervin

RE

1y

Most Helpful

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Authored by: Certified Real Estate Professional - Associate DirectorCertified Real Estate Pro

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NYC Tax Classes

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NYC Tax Classes

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