New York City Council     Members

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

History

Committee on Finance
Hearing Held by Committee
Committee on Finance
Laid Over by Committee
City Council
Referred to Comm by Council
City Council
Introduced by Council

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.

 

 

 

 

 

 

RKC

LS #6318

5/31/2018 12:26p.m.