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Month: August 2019

Aug 2019

20 NYS Municipalities Close to Exceeding Tax Limits

The number of cities, counties and villages in New York that are close to reaching their Constitutional Tax Limit (CTL) has more than doubled since 2012, according to a report released Tuesday by State Comptroller Thomas P. DiNapoli.  The CTL is the maximum amount of real property tax a local government can raise in a …

Aug 2019

Upstate NY’s biggest casino agrees to sale

MONTICELLO, NY — The owner of Upstate New York’s biggest casino has agreed to a takeover by its largest investor, rather than filing bankruptcy in the face of continuing losses and debts. Empire Resorts, owner of Resorts World Catskills in the town of Thompson near Monticello, said it has agreed to sell all outstanding shares …

Aug 2019

Existing-Home Sales Climb 2.5% in July

WASHINGTON (August 21, 2019) – Existing-home sales strengthened in July, a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors®. Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month. Total existing-home sales1, https://www.nar.realtor/existing-home-sales, …

Aug 2019

In latest ‘dark store’ salvo, assessors organization redefines appraisal term

The International Association of Assessing Officers’ (IAAO) board of directors is seeking to redefine the meaning of “fee simple” according to a top commercial real estate attorney, Linda Terrill. In early August, the organization for property appraisers unanimously approved and released a white paper, “Setting the Record Straight on Fee Simple.” In layman’s terms, “fee …

Aug 2019

Seniors who forgot to verify income find Enhanced STAR suspended

LITTLE VALLEY — More than 500 senior citizens in Cattaraugus County have received letters from the state Department of Taxation and Finance seeking to verify their income for enhanced STAR eligibility. This is the first year since the state took over the STAR (State Tax Relief program) and Enhanced STAR, and the state sought to …

Aug 2019

De Blasio’s property tax commission faces uphill battle in fixing lopsided system

Over the past year, the city has sought to figure out how to solve long-standing problems with the notoriously lopsided property tax system through old-school representative democracy: asking New Yorkers what they think. After five lengthy public hearings last year, it turns out New Yorkers across the city are in agreement: They all think they …

Aug 2019

State lawmaker stops Westchester, Dutchess land taxation bills, seeks statewide solution

In 2004, Assemblywoman Sandy Galef sponsored the bill to tax all of Putnam County’s state land. Now she wants a statewide solution to resolve the similar issue in Westchester and Dutchess counties. Tax Watch columnist David McKay Wilson reviews attempts to bring equity to New York’s property tax system.  The push for tax equity in …

Aug 2019

5 things to know about the tight Buffalo housing market

The Buffalo Niagara housing market is still tight, but there are signs that the upward pressure on home prices is losing steam. Home prices still are rising at a moderate pace – and the median sale price in July hit a record high – but the pace of the increase is half of what it …