NYC TAX CERTIORARI LAW FIRM
THE COHEN LAW OFFICE, PC
THE COHEN LAW OFFICE, PC
The Cohen Law Office, PC is a tax certiorari law firm which concentrates in challenging / appealing Real Estate property tax assessments and obtaining reductions in real estate taxes. Its founder, Aaron Cohen is a NYC Tax Certiorari attorney / lawyer who focuses his practice almost exclusively on fighting NYC property taxes / tax assessments in and around the five boroughs of New York City.
The Cohen Law Office, PC is instrumental in obtaining significant property tax reductions for apartment buildings, commercial, industrial and retail properties throughout the five boroughs of New York City, and beyond. Our fee on all tax protests / tax certiorari matters are contingent upon obtaining reductions in property tax assessments.
As a NYC based Tax Certiorari law firm, we challenge real estate tax assessments with the goal of winning tax reductions for our commercial clients. For property owners of New York City, it's important to choose a NYC tax certiorari lawyer / law firm whose practice deals primarily with properties in New York City. We take the time to examine every aspect of a property's taxation in order to attain the best chance at success, and keep you updated throughout the entire process.
Reluctance to protesting NYC Tax Assessments are sometimes unwarranted
There are some property owners who are hesitant to protest their assessment because they feel their property is in fact much more valuable than the "market value" assigned by the New York City Department of Finance. While this may or may not be true, since the NYC Department of Finance (NYC DOF) has unique ways of valuing and assessing properties, what a property could sell for on the open market, or what a similar neighboring property recently sold for, is often legally irrelevant in determining the correct assessment.
NYC Department of Finance Methods of Valuation
In order to determine the value of a property, the Department of Finance uses various factors but typically relies on what is known as the "income capitalization" approach. In other words, the department looks at the rental income and expenses for a building to determine the net operating income, and applies a certain capitalization rate to that to arrive at the value. For Co-op or condo buildings, the Department of Finance is required, by statute, to evaluate co-ops and condos as if they were rental buildings. The department first estimates the rent that could be charged for each unit as if it were a rental giving the department an estimated income. Then, the department reviews the expense reports - minus depreciation and mortgage interest - and determines the building's reasonable and appropriate expenses. Income minus expenses constitutes the net operating income for assessment purposes. When the assessment is challenged, the main areas of dispute typically involve the unit's rental value and whether the building's operating expenses are reasonable. If, after filing an application, the matter is not resolved at the tax commission level, the building must begin an action in the Supreme Court against the city, which must be filed by October 24. It is important to note, that even if that date falls on a weekend, it does not get extended to the next business day, meaning the action must be started no later than the Friday before.
Approximately 30% of New York City property owners who protest their real-estate tax assessment receive a settlement offer from the city, resulting in lower taxes. Real property taxes are typically paid twice a year, on Janua
300 East 42nd Street
New York NY 10017
(212) 537 6861
NYC TAX CERTIORARI ATTORNEY / NYC TAX CERTIORARI LAW FIRM
The Cohen Law Office, PC is a boutique law firm focused primarily on Tax Certiorari with a special focus on the five boroughs of New York City. We represent a wide variety of commercial property owners in administrative and judicial proceedings protesting real property assessments. Our clients include apartment buildings, hotels, commercial, industrial and retail properties. Tax Certiorari attorneys help property owners maintain a competitive edge by ensuring their real estate taxes reflect the property’s appropriate market value. Our service provides clients with the depth of a tax certiorari boutique supported by our strong desire to provide aggressive and competent representation to all our clients. Our fee on all tax certiorari matters are contingent upon obtaining property tax reductions.
For more information about NYC Property Tax Appeal, visit us on the web: http://www.cohenlawpc.net
Phone: (212) 537-6860
Direct: (212) 537-6860 Ext. 701
Fax: (212) 537-6861
NYC Tax Certiorari,
Appealing, Challenging & Protesting NYC Property Tax Assessments
New York State Bar Association,
American Bar Association
United States District Court, Southern District of New York
Bar Number: Attorney
New York, 0
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