Politics & Government

Co-op Groups Ready To Sue

Litigation looks to head off another battle over tax assessment increases next year.

A group of co-op presidents plan to move forward with legal action against the city — even after a compromise by the Department of Finance aimed at placating residents angry over steep tax assessment increases.

At a City Council hearing last week, 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 software glitch that compared co-ops to other property classes, including commercial real estate.

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“Now that the 10 [percent] cap has been declared, there is no other option,” Schreiber said of the group's decision to move forward with litigation. “While we appreciate this major concession on the part of Commissioner Frankel, it only provides a one year reprieve.“ 

Schreiber said the group will be fighting the same battle next year unless the method of assessment is revised.

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