In  New York City, many condominium units and cooperative apartments are assessed by comparing them to similar rent-regulated buildings.   However, many of these units have a market value that is so high there is not a rent-regulated building that can be used as a reasonable comparative.

This  bill  would  allow  the New York City Department of Finance to use either a non-rent-regulated building or a market  rate  assessment  to ensure that property assessments are not artificially deflated.

Failure to do this means high value buildings will continue to be under-taxed due to under-assessment.  Ideally, all property should be assessed primarily on locational values, but if buildings are to be taxed, it's not fair to compare a new, high-value building with lots of amenities, to an older less desirable building in the same neighborhood that is benefiting from years of under-assessment.  This only compounds the injustice and deprives the city of badly needed revenues.

Please pass Bill A07326A, sponsored by Assembly Member Dan Quart.