The last day for property owners to challenge the assessed value of their Tax Class 1 properties – residential land of one to three family homes – is set for March 15.
The assessments cannot be more than six percent of their market value and cannot increase by more than six percent a year and 20 percent over five years. Property owners also have until the March 15 to contact the Department of Finance about any incorrect property information.
Leela Fiorino, director of Business and Community Outreach for the Department of Finance, addressed Assemblymember William Scarborough’s A.D. Task Force Meeting on February 26. She spoke about the responsibility of the department’s Property Division to accurately value the city’s one million residential and commercial properties. Assessments are conducted annually and a tentative final property tax assessment roll is complied each year.
The 29th A.D. Task Force Meeting takes place the last Saturday of every month from 10:30 a.m. to noon at the Robert Johnson Family Life Center, located on Linden Boulevard. The next one is scheduled for Saturday, March 26 – the last meeting before the tax man’s annual visit in April.
Homeowners wishing to file a challenge to an assessed value of their home before the March 15 deadline can get an Exemption and Abatement Application for Owners at Scarborough’s district office, located at 129-31A Merrick Boulevard. Forms require the block and lot number of the property. Call 718-723-5412 for more information.
The Department of Finance is responsible for the collection of annual tax revenue, fines and fees, administering tax audits and enforcing actions to promote compliance. More than one million parking tickets are passed out each year and records are also maintained for more than one million properties.