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 - 2009 Page 2

ADVERTISEMENT

part of your application, submit a copy of TC201 with
Value from Finance; or (2) that the limits on assessment
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 proving that your property has
incorrect information, it must be corrected promptly.
been over-assessed.
Evidence of your property’s
Correction may be made in person, if you attend a
market value as of January 5, 2009 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, 2007 of houses of similar size,
authority.
age, and location to your property to find market value.
Where can you get Tax Commission forms and
Comparable properties need not be identical. Find out
information?
and be ready to tell the hearing officer about differences
Tax Commission forms may be obtained at the Tax
between your home and sold properties that you select
Commission’s main office at 1 Centre Street – Room
as comparable. For example, the higher sale price of a
936, at a Finance Department Business Center in any
neighbor’s property may be due to a swimming pool,
borough,
and
online
at
our
web
site
deck or other feature that your home lacks.
Visit
See Form TC600 for
properties that have been sold; bring photos and notes
the addresses of Finance Business Centers, or call 311
from your visit to show the hearing officer that they are
or Finance Taxpayer Assistance at (212) 504-4080. For
indeed comparable to your property.
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
Definitions:
burden of proof.
Evidence of comparable sales is
The following definitions may help you decide whether to
required.
file TC108 and to complete the form properly.
For
additional definitions and information or to view your
How do you obtain 2007 and 2008 sales information?
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
Market Value: The price for which a property would
property, you can also obtain detailed sales information
ordinarily sell on the open market, based on its
at nyc.gov/acris. Also, ask a local real estate broker for
condition, ownership, and use, as of January 5, 2009.
information on recent sales of properties like your own.
Finance sets assessments of tax class 1 properties at no
While the Tax Commission does not recommend other
more than 6% of market value. However, many class 1
web sites, you may look at commercial sites such as
assessments are lower than 6% because of legal limits
, , ,
(caps) on assessment increases.
, and .
Value your tax is based on: The Notice of Property
We will look at lists of sales in 2007 and 2008 to check
Value you receive from the Department of Finance has a
whether the sales you present are typical or unusual,
line entitled “Value your tax is based on.” The assessed
closest in comparability and location, and the most
value of your tax class 1 property is equal to 6% of the
recent available.
“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
The Tax Commission does not review Finance’s
neighbor. Differences in tax bills or assessments are not
estimates of market value. The Tax Commission only
grounds for an assessment reduction. The only way to
reviews the assessed value, which should be no higher
win a reduction is to prove that: (1) the current market
than 6% of the “Value your tax is based on.”
value of your property is below the “Value your tax is
based on” that is printed on your Notice of Property
- 2 -

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 4