File #: Int 1038-2018    Version: * Name: 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.
Type: Introduction Status: Committee
File created: 7/18/2018 In control: Committee on Finance
On agenda: 7/18/2018 Final action:
Title: 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
Sponsors: Barry S. Grodenchik, Daniel Dromm , Kalman Yeger
Attachments: 1. Summary of Int. No. 1038, 2. Int. No. 1038, 3. July 18, 2018 - Stated Meeting Agenda with Links to Files

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.