Tax Assessor Law Section 38D Chapter 59

[Chan K.]

Hi BPer,

Today, I received a letter from the Board of Assessors in regards to Law Section 38D Chapter 59. This law states that I required to provided "Written Return of Information to Determine Valuation of Real Property". Practically, the city is asking me to provide the "Income and Expense" of my rental apartment units. So, they can use it to determine the property value and determine how much to tax me. If I do not comply with this request, I will lose my appeal right once the tax is assessed, and will face a potential penalty of up to $250.

Why don't they just pull from the comp?

I have been calling multiple banks to try to get HELOC on my second home, but no bank ever cared about what the tax assessment is on my property. The bank just pulled the comp out to give me the property value.

Did you guy ever received this similar request from the Board of Assessors?

If you did, did you ever answer all the questions. The information they are requesting is pretty details.