Jan 27 Filing Update: New York City Tax Commission Announces 2021 Deadlines
The NYC Tax Commission has announced its 2021 deadlines for protesting assessed valuations.
For class 1 properties, the deadline is Monday, March 15th. Class 1 consists of one- to three-unit residential properties.
For class 2, 3, and 4 properties, the deadline is Monday, March 1st. Class 2 consists of residential structures with more than three (3) units, including cooperatives and condominiums. Class 3 represents utility company equipment and special franchise properties. Class 4 is all other real property, including office buildings, factories, stores, hotels, and lofts.
Extensions of time to file are not available once again this year.
As a reminder, in 2020, the Tax Commission raised the minimum assessed-valuation threshold to file TC309 from $1 million to $5 million and income exceeding $100,000. TC309 is the CPA certification of TC201, which reports income and expense. TC201 must be filed if an owner wishes to contest the assessed valuation of his or her property.
Sax strongly suggests all owners file the application to contest your assessment if your property suffered an economic downturn due to the Covid-19 pandemic in 2020. Sax will continue to inform you of regulatory changes facing the Real Estate industry as they emerge. Please feel free to reach out to a Sax Real Estate advisor to learn more about this filing update, and how it may impact your real estate business.
Jeffrey P. Roude, CPA is a Partner at Sax LLP and a member of the firm’s Real Estate Practice. With over 30 years’ experience, Jeff provides industry-specific services to real estate owners, investors, and developers in the New Jersey and Metropolitan New York marketplaces. Jeff may be reached at [email protected].