Extract to table

Applications to the NYC Tax Commission must be filed by March 1 of each year for the fiscal year commencing the following July 1

However, there is also a risk that a certiorari proceeding could result in an increase in the assessed value if the DOF cross-petitions and demonstrates that the property is underassessed — a risk that must be carefully evaluated, particularly in light of the transfer at a purchase price that exceeds the current implied market value

This is a critical fact for purposes of tax proration at closing, as the proration must be calculated with reference to the applicable fiscal year's tax liability rather than the calendar year

The Seller shall pay all real estate taxes due and payable through the closing date, without delinquency, and shall provide evidence of such payment at or prior to closing

Real estate taxes shall be prorated on a per diem basis as of the closing date, based on the actual tax liability for the applicable fiscal year

If the FY 2026/2027 tax rate has not been finalized by the City Council as of the closing date, the proration at closing shall be based on the most recent available estimate (e