Legal Analysts

Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts

Tuesday, October 26, 2021

New Law: Tax Assessments of Non-Residential Properties outside NYC

Have you ever wondered how the government assesses the value of your property for real estate tax purposes? 

Yes, there are 3 different types of appraisals, including comparable sales, income capitalization, and cost basis. However, each uses sales data of similar properties to develop a value. But, what is the legal definition of similar properties for purposes of a tax assessment? That has long been a hotly litigated. 

Now, starting on January 1, 2022, the answer will be that similar is defined as "properties located in proximate location to the subject property unless there is an inadequate number of appropriate sales or rentals within the same market." Plus, similarity refers to "age, condition, use or the sue at the time of sale, type of construction, location, design, physical features and economic characteristics including but not limited to similarities in occupancy and market rent." 

This new law, A894C, was signed into law by Governor Hochul on October 25, 2021. 

Monday, September 23, 2019

Law Alert: LLC Owners ID Must be Disclosed in Real Estate Deals


LLC sellers & buyers of residential property (1-4 family houses) will no longer be able to hide their identities.

Transfer tax returns submitted by LLCs, as required when transferring real estate, will no longer be accepted by the clerk's office unless submitted with the names and addresses of all members, managers, shareholders, directors, officers, partners, and other authorized agents.

Check out the full bill here and understand that you can no longer hide your identity in a residential real estate deal in the State of New York.