Class 2 and Class 4 tentative assessments are both up about 11 percent in the roll released by the Department of Finance yesterday. Class 1 single family home assessments were up less than 5 percent overall, but had median increases of 20 percent in some neighborhoods such as Central Harlem, Chelsea, Bedford-Stuyvesant, Greenpoint and Williamsburg. You have until March 2nd to protest the tentative numbers.
Perhaps in anticipation, Governor Cuomo announced a proposed property tax relief program, Wednesday, to rebate homeowners up to 50 percent of their property taxes that exceed 6 percent of their income. Households earning up to $250,000 would be eligible. Renters earning up to $150,000 would also qualify, with the assumption that 13.75 percent of their rent represents property taxes — although the latest research by the Rent Guidelines Board shows the percentage is really more like 20 percent in stabilized rentals.
Cuomo also announced several key appointments for his second term this week. William Mulrow, a former chair of the Rent Guidelines Board in the Koch administration, was named Secretary to the Governor. Mulrow’s first guidelines at the RGB in 1987 were 3 and 6.5 percent — considered low at the time. Cuomo also appointed former City Comptroller Bill Thompson to the Housing Finance Agency.
The Furman Center at NYU came out with the unsurprising news this week that affordable developments in better neighborhoods with higher rents were more likely to opt-out of subsidies and go to market. The study unintentionally pointed out that Furman’s Subsidized Housing Information Project database is handy for identifying projects with expiring benefits and the potential for buyouts.
The deadline for ABO’s pocket directory of Associate Members to be distributed at the BuildingsNY show April 28-29th is this month, so if you have been planning to join or renew your ABO membership, now is the time.
Join us for an important Energy Market Forecast and discussion of What It Means For Your Energy Buying Strategy, with Thomas Devlin, Director, ABO-FS Energy Services , 4:15 p.m., Thursday, February 26, 2015 at the Club 101, 101 Park Avenue, New York, NY. Please RSVP to associatedbuilders@abogny.com
The EPA has proposed extending lead paint renovator recertification deadlines, currently July 1st for many, and allowing recertification with an online course. NAHB is supporting the proposal and comments must be in by February 13th.