Property owners in New York City who believe they are being overcharged or incorrectly assessed taxes against their property by the NYC Department of Finance have until March 1, 2012 to file an application with the NYC Tax Commission to have their assessment corrected for the coming tax year of 2012/13.

The NYC Department of Finance doesn’t always properly calculate property taxes.  Errors are made in assessing the value of the property and, in many instances, even the type of property that is assessed.  For example, the Department of Finance may tax a property at a commercial tax rate because the property is mis-classified as a commercial property and not a residential one.  The remedy available to a property owner is to file an application with the NYC Tax Commission to correct the value of the property from which the assessment calculation is made or the tax classification of the property.

The process can be drawn out and complicated. It does not require a hearing, although in certain instances one is recommended.  The result however may be a reduction in a property’s assessed taxes which, in the long term, may result in substantial savings to the property owner.