Working with the Assessor to Lower Your Property Tax Bill

As the owner of Quantum Management in Elmsford, New York, Joseph Kanner supervises a portfolio of properties that includes condos, rentals, and co-ops. In addition to handling all the day-to-day operations of the company, Joseph Kanner identifies and implements strategies to reduce the company's real estate tax bill.

Property taxes play a vital role in the health of any community, often funding important services such as public education and road maintenance. However, equally important is that all property owners are taxed fairly. The amount a property owner pays in taxes is primarily determined by two elements: a tax rate, usually set by the local government, and the assessed value of the property, which is handled by the property tax assessor.

While there isn’t much a property owner can do about the government-set tax rate, the assessed value of the property can, and often does, fluctuate from year to year. To ensure a fair assessment, try to accompany the assessor while he or she is conducting the assessment. By doing so, you’ll have a chance to point out negative aspects of the property, which might lower the assessed value.

Additionally, be sure to let the assessor conduct a full evaluation of the property. For example, if you don't allow an assessor inside a building, in many jurisdictions the assessor has a right to assume that major improvements have been made to the property, which will raise the assessed value and lead to a higher tax bill.

RSA Talks New Smoking Laws in Low-Unit Buildings

For more than two and a half decades, Joseph Kanner has served as the owner and operator of Quantum Management in Elmsford, New York, a property management firm that handles a diverse portfolio. In addition to his everyday work, Joseph Kanner stays active in his field through membership in the Rent Stabilization Association (RSA).

Earlier this year, the RSA briefed members on new smoking laws that have gone into effect that have an impact on smaller dwellings. Under the terms of Local Law 147 of 2017, buildings with at least three units are not allowed to have smoking in common areas. Prior to this law, a building had to have at least 10 units before it was subject to smoking prohibitions in common areas, but the new law, which went into effect in February 2018, squarely targets the smaller property units. Beginning in August 2018, the new law also requires owners of these buildings to develop a comprehensive smoking policy that conforms to these guidelines, and distribute it to tenants.