I own a condo in NYC. I believe this is considered real property since it is not a coop (I have a mortgage and pay property taxes directly). I converted this over to rental property last year and TT is asking for the Land Value. The Notice of Property Value from NYC does not mention Land Value anywhere. It only shows:
Market Value, $336,675
Assessment Percentage, 45%
Actual Assessed Value, $151,504
Transitional Assessed Value, $143,779
Exemption Value, $2,450
Taxable Value, $141,329
The Market Value of your lot was derived by attributing a portion of the total residential value. This is done by adjusting your percentage interest in the total building to reflect your interest in the residential portion only. Your percentage interest in the building is 0.096%. This percentage is multiplied by 1.735 because the total condominium interests are 100%, but the residential portion is 57.653% (100% / 57.653%). The resulting percentage is multiplied by the total residential value in the building or development to determine the value of your lot.
Meanwhile, my monthly condo statement says my ownership percentage is 0.1489%. I would deeply appreciate it if anyone can help me decipher what to fill in for Land Value in TT as this is very confusing. Thank you.
