New York City Property Value Declines Also Expected in Upstate Markets

The January 2021 New York City annual report of the City’s real property tax base shows expected COVID-related hits across the spectrum. Retail buildings and hotels/motels registered a market value decline of 21.1% and 22.4%, respectively. Office buildings experienced a decline of 15.6% in market values.[1]

Although the New York City real estate market differs from Upstate New York, some of the same forces that hit these sectors there are clearly at work in Upstate New York as well. Owners and investors in Upstate New York real estate markets may find that 2021 is an opportune time to look closely at their property assessments. In New York, assessed values are set based on a theoretical value in the prior calendar year, making 2021 a great year to challenge an assessment based on devaluation in 2020. The deadline to challenge your real property tax assessment for most jurisdictions in Upstate New York is May 25, 2021 (best to confirm with your local assessor).

Are you wondering how to lower your property tax assessment? Nolan Heller Kauffman can help. Our attorneys stand ready to assist new and existing clients during these uncertain times. We are happy to provide a fee-free initial consultation to evaluate whether you may have a good case for a property tax assessment reduction. If you feel you have an Upstate New York property tax assessment that is out of line with market values, please contact John Hartzell at Nolan Heller Kauffman LLP at (518) 432-3106, or jhartzell@nhkllp.com.

[1] New York City Department of Finance Press Release 1-15-21