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Real Estate Tax

Posted by jane on June 21, 2001 at 14:21:48:

i have a standard loft lease in a classification of miscelaneous office building in brooklyn.

i pay "5% of the real estate taxes above those assessed and paid for the year 1998/99." [lease]

can anyone explain to me why i pay 5% of the increase between 1999 [the base year] and the current year as opposed to 5% of the increase between the PREVIOUS year and the current year? the billings department at my LL couldnt explain it, he just said that is what is done. just wanna make sure that IS what is done generally.
thank you!! jane

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