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Article: Class II owners avert drastic tax rate hike. (New York, New York apartment owners granted cut in property tax rates)
- Article from:
- Real Estate Weekly
- Article date:
- July 8, 1992
- Author:
CopyrightCOPYRIGHT 1992 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The last minute cut in property tax rates for New York apartment owners brought a sigh of relief for the immediate victory but concern from owner organizations that the decline in property values has not kept taxes from rising.
Owners have been given a grace period for payment of taxes until July 17 for properties assesses above $40,000 and until July 31 for those assessed at $40,000 and under. Any late payments, however, will have interest payable calculated from July 1 at 18 percent.
The new official tax rates, have been set as follows: Class I, $10.888; Class II, $9.910; Class III $12.794; Class IV, $10.698. The decline in the Class III utility taxes ...