Wednesday, April 13, 2011
Co-ops socked by tax mistake
The city's Finance Department made a major mistake in the property tax-rolls and mistakenly boosted property tax values. Now, Co-Op owners are holding a tax revolt in Queens.
The error had the city scrambling to answer angry homeowners who demanded answers. More than 200 co-ops were mistakenly assessed, said the city, by more than $300 million. But city officials blame in on a glitch the computer system that processes the assessments.
Buildings faced some serious increases.
Typically, to get market values a computer program searches nearby 'comparable' rental buildings. Instead, it searched nearby commercial properties where rent can be much higher than a rental building.
The Glen Oaks Village, a 2,094 unit building, saw it's market value go up 86 percent. Cryder Point in Whitestone got slapped with a 147 percent increase and Le Havre, 122 percent.