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NYC Bill Seeks To Ease Property Tax Document Burden (Law360)

Law360, January 28, 2019

NYC Bill Seeks To Ease Property Tax Document Burden

“A New York City Council bill headed to the mayor’s office would increase the threshold at which property taxpayers would need to submit statements of income and expense to the city to receive an assessment reduction….On Monday, the New York City Bar sent a letter and position paper to the de Blasio administration urging him to sign the legislation, arguing that since the $1 million threshold was set in 1973 property values have greatly increased, encompassing many more small property owners. ‘The submission of the required CPA statement is a costly and unfair burden on those owners,’ the letter said. ‘Increasing the threshold to $5 million is simply remedial in nature, and is a necessary step towards increasing fairness in the administration of New York City property taxation.’ The change could impact a large swath of properties. According to a report from the council’s finance division director, Latonia McKinney, in 2017 the city’s Tax Commission, which reviews real property tax assessments, received 54,730 applications covering 211,034 tax lots with $223.2 billion in assessed value. And the vast majority of those were Class 2 and Class 4 properties.”

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