As a boutique firm, RE offers support suited to every commercial property. Our most popular services include:
1
Tax certiorari
In preparing for protest, our experts engage in detailed research and analysis of your individual property. We ensure your eligibility and submit all forms in a timely fashion. Then, we act as your representative at the hearing, receive the offer, and verify its fairness.
2
Tax reclassification
RE handles all review requests with proven professionalism, filing with the Finance Department to confirm there are no factual errors affecting your assessment. With extensive industry knowledge and the use of legitimate loopholes, our specialists find every avenue in pursuit of savings.
3
Judicial review
If no offer is made or we advise against taking an offer as the result of an appeal, we assign an esteemed attorney to your case. With your approval, RE’s legal partners file article 7 to protect your rights and bring you maximum advantage in subsequent evaluations.
4
Exemptions & abatements
Seize substantial savings by working with our skilled exemption and abatement consultants. Whether you are renovating or looking at new construction, we handle initial filing and annual renewals for ICAP, co-op/condo, and CEP lease abatements; not-for-profit and individual exemptions; and J-51 exemptions and abatements.
5
Tax planning
Considering a new investment project? Seek comprehensive counsel with RE’s team of veteran commercial real estate analysts. Before you build, we guide your decision-making with informed tax insight, lucrative exemptions, and other strategic research, preparation and planning.
6
Tax management
As sure as taxes are in life, so are their ongoing ramifications. Let us implement and maintain a tax plan crafted for your buildings’ specifics. RE keeps you informed with constant monitoring, tax projections, upcoming changes, auto notifications and other all-inclusive management services.
7
RPIE filing
Avoid expensive penalties by handing over paperwork to our timely team. If you own an income-generating property in NYC, we file your Real Property Income and Expense report—and any other necessary forms—so you can focus on more profitable concerns and daily building management.
Put simply, property taxes are based on the value of a property. The Department of Finance uses three different valuation methods in determining this number. They may base a property’s value on comparable sales in the area; the property’s income; or by the construction cost of the property.
Your tax bill presents three valuations of your property: market, assessed, and transitional values. If a property’s market value is $500,000, the assessed value is $225,000. But what if the market value increases the following year’
In this scenario, the property’s transitional value becomes relevant. Once a property’s value increases or decreases, the transitional assessment lets the change be phased in over the course of 5 years. If the new market value is $1mm, you’ll owe 45% of $600,000 the first year, then 45% of $700,000 the second year, and so on.
When the assessed value is low or decreasing, then your tax amount will be based on the assessed value. But if it’s increasing, the tax amount you owe will be based on the transitional value. Your tax obligation will always be based on the lower of the two numbers. (The transitional value is only relevant to your annual tax amount when it is lower than the assessed; since properties are reassessed each year, this value is critical as a placeholder to mark the change from the year before.)
The reduction amount will be for this year. Still, you will benefit over the next 5 years due to the transitional value. Your assessed value decreases, and even if your market value increases the following year, it will take 5 years until you are taxed fully on the higher amount.
RE Tax Service charges a minimal application fee to cover the cost of our in-depth property review and analysis. The remainder of your fee is 100% contingency-based: if your assessed value doesn’t change, you won’t pay a thing. Our fees are fully dependent on your savings.
Before beginning the application process, RE Tax Service conducts an extensive review to assess your property’s eligibility. We perform an evaluation comparison to similar properties, ensure it’s categorized properly, and decide if your property tax seems fair based on this analysis. If we truly feel your assessment is accurate, we advise you not to apply for a reduction. However, if we discover that there are errors, we are happy to handle your claim and plan a swift course of action.
The typical tax protest takes about 6-8 months. However, once a petition is opened, it provides you with future opportunity to request retro reductions for past years.
RE Tax Service staffs tax certiorari specialists. We have decades of experience in appraisal and commercial real estate, giving us invaluable insight and methodology to secure your fair reduction. If it’s necessary, we do partner with respected attorneys who can help us with legal aspects of your case.
First, an RE specialist will conduct a full interview with you to obtain essential information. He or she will perform a quick analysis to ensure eligibility before presenting you with the findings. Upon your approval and submission of a completed application, the team will then delve into a comprehensive analysis including onsite review, paperwork filing, etc. From there, we handle every stage of the appeal process.
Our Class 2 and Class 4 properties include co-ops, condominiums, office and apartment buildings, hotels, industrial and retail properties, new construction, vacant lots, and more.
Remember that there’s always a chance to appeal the ruling the following year. RE Tax Service works with you closely to complete all necessary paperwork and filing to maintain this right if eligible.