A group of co-op presidents still plan to move forward with legal action against the city—after being offered a compromise by the Department of Finance aimed at remedying botched tax assessments—according to Bay Terrace Community Alliance President Warren Schreiber.
At a City Council , DOF Commissioner David Frankel said his agency would take an increase of no more than 10 percent each year, for the next five years.
He also testified that the overvaluations were caused by a that compared co-ops to incomparable properties, including commercial real estate.
“Now that the 10 [percent] cap has been declared, there is no other option,” Schreiber said, adding, “While we appreciate this major concession on the part of Commissioner Frankel, it only provides a one year reprieve.“
The group, Schreiber said, will be fighting the same battle next year, unless the method of assessment is revised.