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Not-for-profit organizations enter the real estate realm when they own property.

A Not-for-profit Angle on the Property Tax Assessment Process in New York

Not-for-profit organizations enter the real estate realm when they own property. While they may be exempt, care must be taken with their records pertaining to property tax assessments. EisnerAmper recently interviewed New York City Tax Commission President Glenn Newman about property tax assessments. The topic of property tax assessments has been a popular one in the wake of the high volume of applications that the New York City Tax Commission office has been receiving in the recent real estate boom. The interview touches on not-for-profit exemptions and the need to monitor how much rent a not-for-profit organization receives.  They discussed how the application should be filled out in a completely accurate way in order to start the process of reviewing a tax assessment on a good foundation. Details like this are not just critical to the assessment; they can be vital to an organization maintaining its exempt status.  For more information, check out the original blog post here.

Kristen Lewis is the Director of Marketing for EisnerAmper LLP in Philadelphia Pennsylvania. She has written articles for CPA Practice Management Forum and the Pennsylvania Institute of Certified Public Accountants.

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