New York City Commercial Property Tax Reduction
New York City commercial real estate is some of the most valuable in the nation. New York also has some of the highest property taxes in the nation and, combined with large assessments, that means that New York City commercial property has some of the largest burdens in the nation. From towering office buildings in Manhattan, to industrial space in the Bronx, to retail stores in Brooklyn, each parcel of land is often worth millions of dollars. While you have to battle both competition and taxes, O’Connor is ready to be in your corner. We offer commercial property tax reduction in all five boroughs and have over 50 years of experience fighting for elite clients across the nation.
Property Tax Reduction Services for Suffolk County
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- Yes – there is NEVER a fee unless we reduce your property taxes
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Benefits of O’Connor :
- Simple, online enrollment in just minutes, or call us at 713.290.9700 if you prefer.
- No fees ever unless we reduce your property taxes, not even a nickel. We promise.
- Aggressive property tax consultants with hundreds of years collective experience. We understand the people and process to negotiate lower property taxes for you. Our interests are properly aligned. We never, ever get paid unless you reduce your property taxes.
Benefits of O’Connor :
- Simple, online enrollment in just minutes, or call us at 713.290.9700 if you prefer.
- No fees ever unless we reduce your property taxes, not even a nickel. We promise.
- Aggressive property tax consultants with hundreds of years collective experience. We understand the people and process to negotiate lower property taxes for you. Our interests are properly aligned. We never, ever get paid unless you reduce your property taxes.
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Tools to Lower Commercial Property Taxes
While no two businesses are alike, the methods to achieve tax cuts are the same. While homeowners do have more options in New York City, owners of commercial real estate are far from helpless. Thanks to the value of a single business property, any cut in your taxable value will produce outsized savings, often enough to free up considerable cashflow. The two main methods for tax relief for businesses are:
- Commercial tax appeals
- Cost segregation
Commercial Tax Appeals
In other parts of New York, these are called grievances, but the correct terminology in NYC is appeals. Appeals allow you to challenge the assessed value of your real estate, ensuring that your property is being taxed at its actual value instead of an inflated number. Assessments can be slow and out of date, with you paying for an economic reality that dates back years ago. Appeals allow you to correct this and put your taxable value strongly in the present day. Commercial appeals do take a lot more effort to achieve, but with the vast amount of money at stake, they are always worth it. Even if the reduction is minimal, you still have peace of mind that your bottom line is not being adversely affected. For best results, commercial appeals in New York City should be done every year as a standard cost-cutting procedure. There are certain steps you need to take to get the maximum return for your appeal:
Verify assessment details: To launch an appeal, you first need to know your assessment and the details contained within. Often there are errors in the assessment itself that can cost you money. This includes incorrect acreage or square footage, too many rooms, incorrect classification, wrong improvements, and more. Getting these basic details correct is paramount. Once that is established, look at your assessed and market values. If they are incorrect, then it is time to go for an appeal.
Remove intangible assets: One common mistake that inflates your tax bill on appeal is keeping intangible assets as part of your valuation. You can only be taxed on tangible things like furniture, fixtures, machinery, buildings, and other hard assets. Things like software, intellectual property, warranties, contracts, or patents are all intangible and not subject to taxation. These should be removed from the equation.
Gather evidence and financials: An appeal is only as good as the evidence that backs it up. For commercial property, you must show that your market value is lower than your assessed one. This includes an honest accounting of your income compared to losses. This shows what an investor or buyer would actually pay for your real estate, rather than an esoteric number. You should have a Real Property and Income Expense Statement (RPIE) on file with the city already, which acts as a good base. Photographs, inventory, and even an independent appraisal are all evidence that help enhance your appeal.
Filing the appeal: Once all evidence is gathered, you can file your appeal with the New York City Tax Commission. If you go with O’Connor, we will handle filing for you. In addition, we will also represent you in all hearings with the Tax Commission or other formal meetings.
Litigation: If your appeal is rejected, you can still use a judicial appeal or other lawsuit to try and get your fair valuation.
O’Connor Offers Professional Help
Commercial appeals in New York City are complicated and often require a whole team. We at O’Connor can help gather evidence, analyze your assessment, do property sale valuation studies, and find comparable properties to your own to use as evidence for an appeal. We will use this evidence to represent you in hearings. If a lawsuit is warranted, we will coordinate that with an attorney who is an expert in the field.
NYC Commercial Appeal Deadline:
- March 1, 2026
NYC Cost Segregation
While not used to lower property taxes, no technique can lower your overhead quite like cost segregation. This complex strategy uses accelerated depreciation of your property to shield you from federal income taxes. Land, business personal property, improvements, and the building itself are all separated, instead of being lumped into one category. This allows you to target tangible property that will depreciate in a shorter amount of time. Instead of focusing on the 39-year depreciation of a piece of real estate, it is broken down into five, seven, or 15-year categories.
While it offers the largest tax cuts possible foremost real estate, cost segregation in New York City is perhaps the most beneficial. You are able to parlay this depreciation into significant tax protection. With the return of bonus depreciation, it is possible to eliminate 100% of federal income tax entirely. This allows you to use your most important asset to block your largest bill. You can even use a “Look Back” study to claim depreciation that you had previously missed. While the cost to start may be intimidating, cost segregation can pay for itself 20-fold or more quite easily, especially in such a high-dollar environment. O’Connor will work with your CPA to maximize your cost segregation savings.
Let O’Connor Spearhead your New York City Commercial Tax Reduction Efforts
While homeowners that are looking to get a reduction through a tax grievance can do so themselves, businesses generally need a helping hand due to complexities in the tax system and the need for advanced evidence. Let O’Connor be your point man when it comes to lowering your real estate taxes. We can use our advanced databases to find the perfect comparable properties to yours, study thousands of real estate sales records, and analyze your assessment to find any errors. Our cost segregation experts will give you a study that we will back 100% in any audit. Best of all, you will never pay a dime upfront for an appeal or lawsuit. You will only be charged a contingency fee if we are able to lower your taxes. We will even do so annually, which is the best approach to protecting your bottom line.
New York City Commercial Property Tax Reduction Frequently Asked Questions
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