This local law would increase the threshold for when an income-producing property is required to provide a certified statement of income and expense in order to receive an assessment reduction by the Tax Commission from an assessed value of $1 million to an assessed value of $5 million. The local law would also index the threshold to inflation.
- Laid Over in Committee
Int. No. 1038
By Council Members Grodenchik, Dromm and Yeger
A Local Law to amend the administrative code of the city of New York, in relation to amending the requirement that a statement of income and expense certified by a certified public accountant be provided in order for an income-producing property to be granted a reduction in real property assessment by the tax commission
Be it enacted by the Council as follows:
Section 1. Subdivision b of section 11-216 of the administrative code of the city of New York is amended to read as follows:
b. No reduction shall be granted for an income-producing property unless there is submitted to the tax commission a statement of income and expenses in the form prescribed by the tax commission and which shall be, in the case of property [valued at one] with an assessed value of five million dollars or more certified by a certified public accountant. The dollar amount in the preceding sentence is denominated in January 2019 dollars and shall be indexed to inflation annually, where inflation shall mean the annual 12-month average of the consumer price index published by the United States department of labor. The commissioner granting such reduction in assessment shall state in a short memorandum the basis upon which the reduction is granted.
§ 2. This local law takes effect on January 1, 2019.