Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week’s question.
Q: What is the best way of lowering high property taxes?
A: The best approach is to contest or appeal the taxes, according to Neil Garfinkel, partner in charge of real estate and banking practices at the Manhattan law firm of Abrams Garfinkel Margolis Bergson. The legal process is referred to as tax certiorari. In New York City, for example, property owners can file a grievance with the city Tax Commission and have their real property tax assessment reviewed.
More:In Luxury Property Taxes, U.S. is Among the World’s Lowest
Property owners, Mr. Garfinkel said, can either contest their property taxes on their own or hire a consultant or attorney who specializes in this sort of appeal. Experts in the field generally charge a percentage of the savings realized by the owner as a result of the appeal.
Email your questions to editors@mansionglobal.com. Check for answers weekly at www.mansionglobal.com.