For immediate release: March 9, 2011
After pressure from Sen. Stavisky, Finance Dept. agrees to cap market value increases at 50 percent
Stavisky says proposed cap is still too high, and only lasts one year
Today the New York Post reported that the New York City Department of Finance agreed to cap assessed market value increases on co-ops and condos at 50 percent for this tax year. According to the article, 2,405 properties would be affected by this cap.
Sen. Toby Ann Stavisky has been leading the call to lower the sky-high assessments at Queens co-ops – some buildings have seen their assessments spike more than 140 percent – and called the Finance Department’s decision as a step in the right direction but one that does not go far enough.
“As far as I am concerned, a 50 percent market value assessment hike is still very high,” said Sen. Stavisky. “What’s to prevent the city raising the assessment 100 percent next year?”
The Senator sent an email to co-op presidents in her district today thanking them for their efforts in fighting much higher increases and sympathized with them that the 50 percent cap is still more than they should pay. She reminded co-op presidents that she is working on a legislative solution so that shocking increases in assessed market valuations like these cannot happen again.
“Cutting assessed market values on co-ops from 147 percent to 50 percent is like saying, ‘You don't have to drink a full cup of arsenic, you only have to drink half a cup.’ Either way you're still getting poisoned,” she said.
“A 50 percent increase on market value is still an enormous increase, especially in our current economic climate. While we have gotten the Finance Department to backtrack a little for now, we still need to keep the pressure going,” she said. “I will continue working on a long term, legislative solution.”