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Q&A
Assessment methodology for co-ops and condos
5:30:13
ยท
78 sec
Councilmember Brooks-Powers raises concerns about the disconnect between the assessment methodology for co-ops and condos and their actual sale prices. Commissioner Niblack explains the limitations imposed by state law on their assessment process.
- State law requires co-ops and condos to be valued as if they were rental properties.
- The department uses rental buildings as comparables when valuing class two co-op and condo buildings.
- Officials are constantly working to improve valuations within the confines of state law to better reflect market values.
Selvena Brooks-Powers
5:30:13
And assessment methodology for co ops and condos, the method used to estimate market values for co ops and condos is widely criticized criticized as being disconnected from their actual sale prices.
5:30:25
Given this disconnect, does the Department of Finance have plans to revise the assessment methodology to ensure more accurate and equitable taxation for those prop for these properties?
Preston Niblack
5:30:37
So we are limited under state law, and I could almost quote this I could almost quote this from memory, but I'll probably screw it up so I won't try.
5:30:45
The the state law requires us to value co ops and condos essentially as if they were rental properties.
5:30:53
So we use rental properties buildings as the comparables when we are valuing class two coop and condo buildings.
5:31:03
We're constantly and our Deputy Commissioner for the Property Division Tim Shears and our Assistant Commissioner for Property Evaluation Carmela Quinto are constantly kind of looking at how we can improve those valuations to as much as possible reflect within the confines of the state law to reflect, market values, you know, sales values of properties.
5:31:27
But we are very constrained, in that respect.