The city is going to undertake a sweeping review of how co-ops and condos are taxed following an outcry by owners in Queens who saw the assessed market value of some properties shoot up as much as 147 percent this year, The Post has learned.
The review was part of a deal ham mered out between the Finance Department and the City Council, whose leaders came down hard on the administration after the tentative tax roll was released in January with assessments that would have raised taxes on some middle-class owners by 25 to 30 percent.
“This is a pretty dramatic change,” declared Councilman Mark Weprin (D-Queens, pictured). “This is the third rail that people have been afraid to step on for years.”
Councilman Dominic Recchia (D-Queens), the Finance Committee chair, said taxes on the city’s 364,893 co-ops and 144,622 condos “would definitely go down” once the review was completed, probably next year.
In the meantime, council Speaker Christine Quinn, Weprin and Recchia have convinced Finance to extend a cap on market-value and assessment increases that followed the protests from one to two years.
“Co-ops and condos are going to be treated fairly,” Recchia promised. “In the past, it’s always up, up, up.”