Paying Real Estate Taxes on rented property from owner. (New York: renter, insurance)

[amacu]

Wondering - if I am renting a live/work property from the owner of the property why do I have to pay 100% real estate taxes, the bracket is RO - Special Condominium Billing Lot (is that live work?) and sewage and water? . Also I have to pay these taxes directly to the landlord so how can I write them off. Also how can I find out what each amount is as is sent as just an invoice from their offices. Thank you.

[mmckenna]

THat's crazy! YOu are renting and he is making YOU pay HIS real estate taxes? What a !@#$% nerve! I would never ask my tenants to do that, it must be illegal.

[Viralmd]

What does your LEASE say? That should spell things out.

[pureistheword]

The owner is supposed to pay, he is cheating you by making you pay
You can search the pay history for the address at this link
NYC Serv - New York City On-Line Payment Services

[Viralmd]

Originally Posted by pureistheword

The owner is supposed to pay, he is cheating you by making you pay
You can search the pay history for the address at this link
NYC Serv - New York City On-Line Payment Services

It depends on what's in the lease! And I'm not sure that link is particularly helpful.

[UpstaterInBklyn]

This is called a "Net Lease" and it is legal, as long as it is spelled out in the lease document.

In commercial real estate, net leases are the norm, although they are far less common in residential leases.

I'm not an accountant, but I'm assuming the tax payments are not deductible. You are reimbursing your landlord and (s)he is paying the taxes to the city, then (s)he is taking the deduction and offsetting the income from you against the tax expense.

In a net lease arrangement, you should have the right to get copies of the tax bills from the landlord. This has been my experience as a commercial renter (the landlord just sent them automatically every year). I assume residential tenants would have the same rights.

[UpstaterInBklyn]

I just noticed that you mentioned it was a live/work space so you might have a commercial lease.

Check your lease carefully. If you have a standard commercial lease it is probably "triple-net", which means you pay taxes AND insurance AND maintenance.

It is typical (and perhaps required by law -- I don't know), for you to receive an itemized statement from the landlord outlining all of the expenses that make up your extra payments.

It sucks, but it is how leases are done in the commercial realm.

Also, you can look up the property taxes assessed in the building here