A SPECIAL THANK YOU FOR THE COUNTLESS NEWS ARTICLES CONTRIBUTED BY ONE OF THE MOST REPUTABLE AND RESPECTED BROKERS IN MIDDLE VILLAGE, JIM TURANO.
Real Estate-August 8, 2019 by JIM TURANO
BROKER OF DIVERSE REAL ESTATE, MIDDLE VILLAGE,NY 11379
"NEW YORK CITY ASSESSMENTS ON COMMERCIAL BUILDINGS AND HOMES"
The many stores becoming empty along Myrtle Avenue, in Ridgewood, Fresh Pond Road, and on Metropolitan Avenue, in Middle Village, NY. More and more throughout the Queens areas, tenants are being forced to leave do to increased rents and additional tax payments being passed down by Landlords.
With 42 years of experience in the areas, I can suggest a solution to begin the slowing down of increased taxes year after year on buildings. You see the Landlords receive the new assessments every year but do nothing about it. I mean they do complain, and then complain to their tenants about it, but they do nothing to fight the assessments years on end.
What Landlords/owners should do is fight the City assessment when they receive their notices. If they don’t their taxes continue to go up, then their comes a point where the tenant has enough with having to pay additional money besides their rents to stay in business.
The end result is devastation to the Landlord. Besides getting higher Taxes to pay, they then loose their tenants and get stuck collecting no rents and having to pay the taxes themselves.
The same applies to Homeowners. Many Homeowners see me and brag you see how much my house is worth now? Instead they should be fighting the City assessment on their homes as well. It makes it harder to sell your home if your taxes are higher than many other homes for sale in the area.
One example on Metropolitan Avenue. Never did an owner fight the assessments for 5 decades, and now the taxes are a whopping $62,000 dollars per year. This is happening all over Queens. Better to pay someone to fight the assessment and potentially be successful and then taxes are revised, and will only increase very little each year thereafter.
It is never too late to begin. So many homeowner's never take the time to fight the assessments, or even pay someone to fight it. If you can save for example a $500 dollar increase in taxes for the next ten years, isn't it worth it? The difference is astounding.
One house because of fighting the assessment, and successfully getting the taxes lowered can mean in five years that you are paying $4,500 dollars now and your neighbors paying $6,500 per year for their home. It is that much of a difference.
JIM TURANO/BROKER-DIVERSE REAL ESTATE 1-347-837-9206