NYC's super-low property taxes for the ultra rich

Not an accountant, real estate expert, nor a NYC landowner, but (as ever) the NY Post is juxtaposing topics that could genuinely use some reform, with good-old FUD that is thin on analysis. Here's some info I found useful: [1]

- It seems that the $6.5 million on $100 market value is par for the course for smaller units. [1] suggests that this is the "level of assessment" typical for Tax Class 1 properties. Despite the condo being in a massive high-rise, the condo itself is only a duplex. Perhaps this is how the individual unit becomes classified as being eligible for taxation on 6% of market value, rather than 45%.

- [2] is a link that describes the 421a tax abatement program. Perhaps fittingly so, the link to the FAQ is broken. (Yay transparency!) A working link is [3].

It seems that the people quoted are spouting non-sequiturs or truisms. The cynic in me says that a lawyer at a big law firm makes out well no matter what real estate law looks like: there will always be classification and finance structuring to optimize to the fullest extent allowed by law. By the time the letter of the law catches up to the spirit of the law, private lawyers and their rich clients will have found new ways to minimize their burden. The people most equipped to afford a tax burden undoubtedly are the best at minimizing it to the extents described in the article.

[1] http://www.nyc.gov/html/dof/html/property/property_val_gloss...

[2] http://www.nyc.gov/html/dof/html/property/421a.shtml

[3] http://www1.nyc.gov/assets/hpd/downloads/pdf/421a-FAQ.pdf