The New York City Council - File #: Int 1038-2018

• File #: Int 1038-2018
• Version: A
• 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: Enacted
• File created: 7/18/2018
• In control: Committee on Finance
• On agenda: 7/18/2018
• Final action: 2/24/2019
• 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 , Robert F. Holden, Stephen T. Levin

Date	Ver.	Action By	Action	Result
2/26/2019	A	City Council	Returned Unsigned by Mayor
2/24/2019	A	Administration	City Charter Rule Adopted
1/24/2019	A	City Council	Sent to Mayor by Council
1/24/2019	A	City Council	Approved by Council	Pass
1/24/2019	*	Committee on Finance	Hearing Held by Committee
1/24/2019	*	Committee on Finance	Amendment Proposed by Comm
1/24/2019	*	Committee on Finance	Amended by Committee
1/24/2019	A	Committee on Finance	Approved by Committee	Pass
10/4/2018	*	Committee on Finance	Hearing Held by Committee
10/4/2018	*	Committee on Finance	Laid Over by Committee
7/18/2018	*	City Council	Referred to Comm by Council
7/18/2018	*	City Council	Introduced by Council

Int. No. 1038-A

By Council Members Grodenchik, Dromm, Yeger, Holden and Levin

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
Body

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. 1. 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 million dollars] with an assessed value of $5,000,000 or more, certified by a certified public accountant. The commissioner granting such reduction in assessment shall state in a short memorandum the basis upon which the reduction is granted.
2. (a) Definitions. For purposes of this paragraph, the term "adjustment year" means the fiscal year beginning July 1, 2019 and the fiscal year beginning July 1 of every fifth year thereafter.
(b) In the adjustment year beginning July 1, 2024, and in every adjustment year thereafter, the tax commission shall calculate, in accordance with subparagraph (c) of this paragraph, the assessed value threshold for purposes of paragraph 1 of this subdivision. An increase or decrease in such assessed value threshold, if any, shall apply beginning with the fiscal year immediately following the adjustment year.
(c) The assessed value threshold for purposes of paragraph 1 of this subdivision shall be an amount equal to the assessed value threshold in effect for the current adjustment year increased or decreased by the aggregate percentage change in the assessed value of all properties i...