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Buy A Classic Luxury Co-Op, Pay Lower Property Taxes
By
Garth Johnston
Published Mar 21, 2011
Modified Mar 21, 2011
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By
Garth Johnston
Published Mar 21, 2011
Modified Mar 21, 2011
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Another reason to begrudge the wildly wealthy people who live in 740 Park Avenue and its luxury apartment building peers? They pay lower property taxes than the rest of us. The Post today dives into the tax quirks that allows "the average luxury co-op owner" to pay around $7 to $10 per square foot in taxes "while a luxury-condo owner pays about $18-$25 per square foot." And, with Tax Day coming up (though pushed back to April 18), we suspect it'll leave you a little bit livid.
"There's an inequity in the system," Michael Slattery, senior vice president of the Real Estate Board of New York, told the Post. "Older co-ops, particularly high-end co-ops, are paying a fraction of what their market value is."
The gist of the issue is this: Luxury co-op buildings built before 1974 are assessed on the tax books as being equivalent to rent-stabilized apartment buildings (no, really). And the assessments don't take into count things like unit sales prices, instead looking at the "rental income" the units generate (which is none). That means that a building like 740 Park, called the "World's Richest Apartment Building" in the book about it, is only worth $62,212,000 according to its valuation. And 778 Park Avenue, where a single unit sold for $26 million in 2010, is valued at just $25.7 million according to the city.
Class warfare, anyone?
Tagged
740 park
luxury co-op
property taxes
tax assessments
taxes
Garth Johnston
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