Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Challenge to Property Tax Rejected
No one disputes that the property tax system in New York City is byzantine. In Tax Equity Now LLC v. City of New York, 2020 WL 949501, the First Department confronted what it viewed as a very different question: is it illegal. The court concluded that it is not, rejecting a variety of claims and leaving any reform to the legislature.
|The Challenged Provisions
Consider three of the provisions that provoked the challenge in the Tax Equity Case. The Real Property Tax Law divides real property into New York City into four classes — two for residential property, one for utility property, and one for all other real property. The first perceived equity is that the statute essentially preserves the relevant tax burden for each class of property, limiting changes in the percentage of total tax each class must bear. So, as the value of residential real property has increased relative to the value of commercial property, the tax burden borne by residential property has not increased proportionately.
Among "Class One" residential properties (one, two, and three family homes), the statute caps the increase in assessed value of any individual parcel. Assessed value may not increase more than six percent in any one year, or more than 20% over a five year period. Similar but somewhat larger caps apply to "Class Two" residential properties with ten ore fewer units. The result: properties that have appreciated rapidly are assessed at a smaller percentage of market value than those that have appreciated at a lower rate. Those who have bought in gentrified and gentrifying areas — typically the well-to-do – enjoy a tax benefit not shared by those in areas where values have not increased.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.