Saturday, February 26, 2011

NYC Finance Department to explain how tax assessments can soar while property values plummet

STATEN ISLAND, N.Y. –Staten Island homeowners who are scratching their heads over their recent tax assessments can get a math lesson next week from city finance officials.

Advance file photo/Bill LyonsBorough Councilwoman Debi Rose and Councilmen James Oddo and Vincent Ignizio are hosting a forum with the Finance Department.

NYC

Finance Department Commissioner David M. Frankel and Tax Commission President/Commissioner Glenn Newman will appear at a town hall meeting here sponsored by City Councilmembers Debi Rose (D-North Shore), James Oddo (R-Mid-Island/Brooklyn) and Vincent Ignizio (R-South Shore).

The meeting will be held on Feb. 15, from 7 to 9 p.m., at the Michael J. Petrides School, 715 Ocean Terrace, Sunnyside.

Homeowners and lawmakers are puzzled by the city’s "byzantine" math which hits them with higher property taxes and assessments even though the market value of their homes has plummeted thanks to the recessions and the still stagnant housing market.

In addition to answering questions about the assessment process, the lawmakers said that Finance and Tax Commission workers will be on hand to collect information on specific individual assessments and "are committed" to investigate any matter brought to their attention and provide answers at a later date.

"We will ensure you will get a timely response," the lawmakers said in a prepared statement.

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