By Steven Tishco (August 2, 2017, 5:11 PM EDT) -- This practice note provides an overview of real estate taxation in New York City including (i) the process by which the city assesses real property, (ii) how property owners challenge the city's assessments, (iii) benefit programs available to reduce property owners' real estate tax burdens, and (iv) the importance of understanding real estate taxes in lease negotiations. In New York City, real estate taxes have become an increasingly greater expense for property owners and landlords in recent years. As such, they are an ever-growing factor that any potential purchaser or tenant must account for in its business decisions. Counsel on either side of any real estate transaction should possess at least a basic knowledge of the real estate taxation process to be able to appropriately account for such taxes in negotiations. The process is complex, involves interaction with many government agencies, and is often counterintuitive. Therefore, a working knowledge of the process is also important in order to understand that, for more complex transactions, specialized real estate tax representation might be necessary and appropriate....