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| Photo: LuxeDB |
The Furman Center released a policy brief in July that discusses the State law that requires NYC Department of Finance to undervaluing (and thereby undertaxing) some of its most valuable properties. It seems as if co-ops and condos of more than 4 units must be valued as if they are rental properties, but finding comparable nearby rental properties for areas of the Upper East Side and areas surrounding Central Park is difficult (read: impossible) to do. In fact, the highest valued rental unit in all of NYC by the Department of Finance is only a fraction of the value per square foot as that of a typical co-op or condo in these neighborhoods. Problem?
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