NY City property tax system needs reform ? grand jury | Peter Untinov

September 2, 2012 admin Real Property,

NEW YORK Aug 1 (Reuters) ? A grand jury has found
widespread evidence that New York City property owners file
false information to reduce real property taxes, Manhattan
District Attorney Cyrus Vance said on Wednesday.

The grand jury also found a shortage of resources available
to detect false filings and a lack of adequate sanctions to
deter abuses.

Property taxes are the citys single largest revenue source,
according to a report by the grand jury, accounting for $17
billion last year.

Among the reforms suggested by the grand jury:

* Revise the New York City Administrative Code so that
criminal tax laws apply to real property tax.

* Set an earlier filing deadline for Real Property Income
and Expense statements.

* Require a CPA who has audited a property owners records
to sign certain filings.

* Let the Department of Finance impose civil sanctions on
property owners who file false Real Property Income and Expense
statements. Under current law, civil sanctions are limited to
failure to file.

* Subject those who file false information to the Tax
Commission to fines. Current law allows the commission to
confirm an existing assessment, not to increase an assessment.

* Devise a system to make all publicly held data about a
parcel more accessible to tax assessors and hearing officers.

If adopted, the reforms proposed by this Grand Jury will
protect the integrity of the citys tax system, Vance said in a
statement announcing the findings.

David Frankel, Commissioner of the New York City Department
of Finance, said in the statement that the findings were
consistent with reforms his department has been working on,
including a bill introduced to the City Council to move up the
Real Property Expense and Income statement filing deadline to
June from September.

We will work with the State and City legislatures to ensure
appropriate reforms are enacted and that property owners face
real penalties for filing fraudulent documents with the city,
Frankel said in a statement.

Real Property

Source: http://www.peterustinov.org/ny-city-property-tax-system-needs-reform-grand-jury/

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