The New York City Council - File #: Int 1112-2018

• File #: Int 1112-2018
• Version: *
• Name: Requiring the department of finance to report certain information concerning the valuation and taxation of real property.
• Type: Introduction
• Status: Committee
• File created: 9/12/2018
• In control: Committee on Finance
• On agenda: 9/12/2018
• Title: A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to report certain information concerning the valuation and taxation of real property
• Sponsors: Ritchie J. Torres, Costa G. Constantinides, Kalman Yeger
• Indexes: Oversight, Report Required

Date	Ver.	Action By	Action	Result
9/12/2018	*	City Council	Referred to Comm by Council
9/12/2018	*	City Council	Introduced by Council

Int. No. 1112

By Council Members Torres, Constantinides and Yeger

Title
A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to report certain information concerning the valuation and taxation of real property
Body

Be it enacted by the Council as follows:


Section 1. Section 11-140 of the administrative code of the city of New York, as added by local law 252 for the year 2017, is renumbered section 11-141.
?2. Chapter 1 of title 11 of the administrative code of the city of New York is amended by adding a new section 11-142 to read as follows:
?11-142 Information on real property tax rates. a. Definitions. For purposes of this section:
The term "effective tax rate" means the actual taxes billed to the property including any exemption or abatement divided by the property's market value as determined by the department.
The term "building type" means apartment buildings that are rentals, cooperatives, or condominiums within tax class two; office, factory, warehouse, hotels, or retail within tax class four; vacant land, and any other tax type that the department deems appropriate.
The term "sales-based effective tax rate" means the actual taxes billed to the property including any exemption or abatement divided by the property's sales price as recorded by the city register or the office of the Richmond county clerk; except that, for cooperatives, the sales-based effective tax rate shall be calculated by multiplying a fraction, the numerator of which shall be the actual taxes billed to the tax lot containing the applicable cooperative unit including any exemption or abatement and the denominator of which shall be the market value of such tax lot as determined by the department, by a second fraction, the numerator of which shall be the total number of cooperative shares and the denominator of which shall be the total number of cooperative shares assoc...