In NY I've seen the term "Taxpayer" used to describe property, usually with a storefront or other commercial tennant of the property. What does this term mean and what are it's implications
A taxpayer is generally used to describe a building with ground floor retail, occaisionally with apartments above-usually no more than two stories. The term "taxpayer" implies that the store(s) pay the taxes.
The great thing about taxpayers - check the zoning...not alot of them left, but if the footprint is big enough, and they've still got their air-rights, and perhaps a variance to boot, make sure to look at the deal per buildable sq. ft(F.A.R). Us NY brokers LOVED those little old taxpayers in the 80's!
[ Edited by zizzy on Date 04/26/2004 ][ Edited by zizzy on Date 04/27/2004 ]
Maybe a NNN lease?
We can't be sure about the definition unless you give us more context. Perhaps a couple of sentences that specifically use the term.
I can only guess that, since the owner of the property pays the property taxes, the "taxpayer" is the owner of the property.
But without the context, this is only a guess.
Call the tax assessors office and ask. It could mean owned or leased for federal,state, or local government use.
Thanks for the responses. The term is used in ad's for real estate. One I read today said: "One story commercial building/taxpayer with 8 stores...."
I agree with Myfrogger. I sounds like the tenant is paying the property taxes on a triple net lease.
So call the broker with the ad and ask him. Please let us know.
A taxpayer is generally used to describe a building with ground floor retail, occaisionally with apartments above-usually no more than two stories. The term "taxpayer" implies that the store(s) pay the taxes.
The great thing about taxpayers - check the zoning...not alot of them left, but if the footprint is big enough, and they've still got their air-rights, and perhaps a variance to boot, make sure to look at the deal per buildable sq. ft(F.A.R). Us NY brokers LOVED those little old taxpayers in the 80's!
[ Edited by zizzy on Date 04/26/2004 ][ Edited by zizzy on Date 04/27/2004 ]