Condo & co-op taxes calculated incorrectly

From the Daily News:

Co-op and condo owners in northeastern Queens have long claimed the methods the city uses to determine home values — which can lead to higher property taxes — are flawed.

Now, a pair of city Controller audits released Thursday back up their suspicions, suggesting the city didn’t always compare similar properties in the same communities when calculating the values. This could lead to artificially high assessments.

The audit also says about 10% of Queens co-ops were valued higher than expected when using the Department of Finance’s calculation formula.