Form Tc108 - Application For Correction Of Assessed Value Of A One, Two Or Three Family House, Class One Condominium, Or Other Tax Class One Property - 2008 Page 2

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part of your application, submit a copy of TC201 when
Value from Finance; or (2) that the limits on assessment
you file your original application.
increases of 6% each year or 20% over five years have
been exceeded. Remember: These limits do not apply
2. Complete all parts of the form.
to physical improvements that add value to your
Do not leave any item blank on the application form.
property.
What types of information and evidence should you
How can you correct an error you made on TC108?
present with your appeal?
If you submit TC108 and then realize you have included
You have the burden of proof to show that your property
incorrect information, it must be corrected promptly.
has been over-assessed. Evidence of your property’s
Correction may be made in person, if you attend a
market value as of January 5, 2008 must be attached to
personal hearing, or you may submit a supplemental
your application or submitted at the hearing.
Formal
affidavit (Form TC159) by mail or at the hearing. See
rules of evidence do not apply. Any relevant information
Form TC600 for more information.
can be offered and will be considered.
How does a fiduciary show authority to sign TC108?
To prove your claim, it is important to understand the
If a fiduciary signs the application, documents to
method of property valuation. We use the comparable
establish fiduciary authority must be attached.
See
sales method to value tax class 1 property. We compare
Form TC600 for further information on documentation of
sales since January 1, 2006 of houses of similar size,
authority.
age, and location to your property to find market value.
Comparable properties need not be identical. Find out
Where can you get Tax Commission forms and
and be ready to tell the hearing officer about differences
information?
between your home and sold properties that you select
Tax Commission forms may be obtained at the Tax
as comparable. For example, the higher sale price of a
Commission’s main office at 1 Centre Street – Room
neighbor’s property may be due to a swimming pool,
936, at a Finance Department Business Center in any
deck or other feature that your home lacks.
Visit
borough,
and
online
at
our
web
site
properties that have been sold; bring photos and notes
See Form TC600 for
from your visit to show the hearing officer that they are
the addresses of Finance Business Centers, or call 311
indeed comparable to your property.
or Finance Taxpayer Assistance at (212) 504-4080. For
additional information, see Form TC600 or contact the
Photos of floods or street repairs or the need to repair
Tax Commission by e-mail at tcinfo@taxcomm.nyc.gov.
your roof or fix a plumbing problem will not satisfy your
burden of proof.
Evidence of comparable sales is
Definitions:
required.
The following definitions may help you decide whether to
file TC108 and to complete the form properly.
For
How do you obtain 2006 and 2007 sales information?
additional definitions and information or to view your
Lists
of
sales
are
available
online
at
most recent Notice of Property Value online, visit
Finance’s web site at nyc.gov/finance.
ales.shtml. If you know the address of a comparable
property, you can also obtain detailed sales information
Market Value: The price for which a property would
at nyc.gov/acris. Also, ask a local real estate broker for
ordinarily sell on the open market, based on its
information on recent sales of properties like your own.
condition, ownership, and use, as of January 5, 2008.
While the Tax Commission does not recommend other
Finance sets assessments of tax class 1 properties at no
web sites, you may look at commercial sites such as
more than 6% of market value. However, many class 1
, , ,
assessments are lower than 6% because of legal caps
, and .
on assessment increases.
We will look at lists of sales in 2006 and 2007 to check
Value your tax is based on: The Notice of Property
whether the sales you present are typical or unusual,
Value you receive from the Department of Finance has a
closest in comparability and location, and the most
line entitled “Value your tax is based on.” The assessed
recent available.
value of your tax class 1 property is equal to 6% of the
“Value your tax is based on.” This value often differs
What is the basis of the Tax Commission’s decision
from Finance’s “estimated market value” because of
about over-assessment?
legal caps on increases on tax class 1 property
We cannot reduce your property’s assessed value
assessments.
simply because you are paying more taxes than your
neighbor. Differences in tax bills or assessments are not
The Tax Commission does not review Finance’s
grounds for an assessment reduction. The only way to
estimates of market value. The Tax Commission only
win a reduction is to prove that: (1) the current market
reviews the assessed value, which should be no higher
value of your property is below the “Value your tax is
than 6% of the “Value your tax is based on.”
based on” that is printed on your Notice of Property
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