The city has discussed property tax crackdowns of various sorts before, but a grand jury that heard evidence in a property tax evasion case wants the city to go further, because it believes too many property owners aren't paying taxes. In a report issued yesterday, the Times explains, the grand jury urged "desperately needed" tax reforms. One key stat: 60 of 100 property owners cited for improper permits hadn't reported income from renting out signs on their property. Others reported spaces vacant when they actually had retail tenants. Ruh-roh!
The grand jury's recommended reforms include notarized statements, sanctions, and a later tax deadline (June instead of September). Last fiscal year, meanwhile, landlords appealed tax assessments for 184,000 New York City properties (and received a total of around $500 million in reductions).
· Property Tax Evasion in City is Widespread, Report Suggests [NYT]
· Taxes coverage [Curbed]