Grand Jury calls for city to crack down on property tax dodgers

TRD New York /
Aug.August 01, 2012 05:30 PM

A grand jury concluded that too many New Yorkers are concealing the true value of their property from the state in order to dodge or reduce the taxes they owe, Reuters reported, citing an announcement by Manhattan District Attorney Cyrus Vance Jr. Property taxes are the city’s largest source of income, accounting for about $17 billion last year.

“Some unscrupulous individuals and entities routinely try to cheat the city out of this valuable revenue stream by filing false information with city agencies,” Vance said in a statement.

The jury also found the New York lacks resources for detecting false filings and inadequately punishes abusers. It recommended revising the New York City Administrative Code to render criminal tax laws applicable to property tax, imposing earlier filing deadlines, requiring a CPA to sign certain filings, civil sanctions for property owners who file false Real Property Income and Expense statements and devising a system to make property data more easily accessible to tax assessors.

“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,” David Frankel, Commissioner of the New York City Department of Finance, said.


Related Articles

arrow_forward_ios
Clockwise from top left: Colliers International won "most ingenious deal of the year" award, Manhattan DA Cyrus Vance said a Long Island firm was part of a city bribery scheme, Lindenhurst could rezone an area for an apartment development near the LIRR and residents are trying to halt an $80M shopping center in Elwood.

Long Island Cheat Sheet: Farmingdale firm caught up in $165M construction bribery scheme … & more

Long Island Cheat Sheet: Farmingdale firm caught up in $165M construction bribery scheme … & more
Vance will interview as many as 20 Manafort associates over New York real estate loans

Vance will interview as many as 20 Manafort associates over New York real estate loans

Vance will interview as many as 20 Manafort associates over New York real estate loans
Manhattan DA returned Trump attorney’s $32,000 campaign donation after journalists asked about closed Trump Soho investigation

Manhattan DA returned Trump attorney’s $32,000 campaign donation after journalists asked about closed Trump Soho investigation

Manhattan DA returned Trump attorney’s $32,000 campaign donation after journalists asked about closed Trump Soho investigation
Schneiderman, Vance conducting separate probes into Manafort’s real estate deals

Schneiderman, Vance conducting separate probes into Manafort’s real estate deals

Schneiderman, Vance conducting separate probes into Manafort’s real estate deals
Construction foreman sentenced in worker’s death at Meatpacking District site

Construction foreman sentenced in worker’s death at Meatpacking District site

Construction foreman sentenced in worker’s death at Meatpacking District site
Manhattan DA cracks down on construction safety after worker’s death, gas explosion

Manhattan DA cracks down on construction safety after worker’s death, gas explosion

Manhattan DA cracks down on construction safety after worker’s death, gas explosion
Tower 56, Location: New York, NY, Architect: N/A. This is the description of this image.

Father-daughter construction team indicted for allegedly stealing nearly $800K

Father-daughter construction team indicted for allegedly stealing nearly $800K
Former real estate attorney indicted on grand larceny charges

Former real estate attorney indicted on grand larceny charges

Former real estate attorney indicted on grand larceny charges
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...