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Category: Property Taxes

Those Nasty And Forgettable Post Closing Tax Adjustments:

October 21st, 2011 — 9:26am

So the deal is closed.  The seller scoops up the checks, the buyer grabs the keys and all is done.  Well, sort of.

Sellers often include a provision in the contract rider providing that they are entitled to any tax refunds that the Purchaser receives after the closing which were applicable for the period of time that the Seller owned the unit.  For example, suppose a unit closes on June 30, 2011 and it turns out that the unit was entitled to a $1,200 tax refund for the period ending on June 30, 2011.  When the tax refund is ultimately received by the Purchaser after the Closing, the Seller would be entitled to that refund AFTER THE CLOSING. Continue reading »

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February 25th, 2011 — 2:07pm

STAR. What exactly is  STAR? STAR is a New York State tax relief program that lowers property taxes for owner-occupied primary residences (click here for a STAR Exemption FAQ sheet).  Meaning, to be eligible for the STAR reduction, you must own a property that you use as your primary residence.  The STAR exemption applies only to school district taxes. There are two levels of STAR benefits – Basic STAR and Enhanced STAR. Continue reading »

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February 24th, 2011 — 3:40pm

SCRIE: The Senior Citizen Rent Increase Exemption(SCRIE) offers assistance to eligible seniors from having to pay certain rent increases. Senior citizen tenants who reside in rent control or rent stabilized apartments can apply for SCRIE through the NYC Department of Finance (“DOF”) and may be entitled to an exemption from future rent increases (click here for the application).If the tenant is approved, the owner of the building will receive a corresponding credit against their real estate taxes from the City of New York.  Continue reading »

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NYC Property Taxes on the Rise Again

February 15th, 2011 — 8:28pm

Property owners in New York City will see a significant increase in property taxes this year as announced by the NYC Department of Finance in January (Click here for DOF Press Release).

According to the Wall Street Journal, the tax increase, which will take effect in July, will result in a 7.5% rise for co-op owners, 9.6% for condo owners and 2.8% for single family home owners. Continue reading »

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