Co-op / Condo News: Class 2 Buildings Pay Five Times Higher Property Taxes

Dec. 9, 2013 — Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, we already knew that Class 2 properties — co-ops, most condos and rental buildings — carry an unfairly higher tax burden than Class 1 properties such as single-family homes. But a recent Furman Center panel of academics and other experts — including a former Dept. of Finance commissioner and the deputy director of the New York City Independent Budget Office — quantified just how much: Class 2 is taxed at a rate almost five times higher than Class 1. Check out the first article below for details.

Among the other news this week: a co-op's attempt to evict a 78-year-old over minor hoteling and a condo board's ongoing suit against a bad-neighbor gym.