Just as the tax abatement for the Citylights Building was about to start rolling off, NYC boosted the buildings assessed value by 87%. For good measure they tacked on another 5% this year. The near doubling in possible tax payments has the co-op’s residents looking at a 50% increase in already steep monthly maintenance over the next five years, which if implemented on this tower of over 500 units will force out many residents who can no longer afford to live there.
You can read the story below for more details. Instead I’d prefer to focus on two takeaways that all apartment owners in [Read more…] about CITYLIGHTS TAX SAGA, TWO LESSONS FOR ALL LIC CONDO OWNERS