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?
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.
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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