L.L. 1986/024
Enactment date: 7/8/1986
Int. No. 605-A
By Council Member DeMarco (by request of the Mayor); also Council Members Messinger and O'Donovan (Passed under a message of necessity from the Mayor)
A Local Law to amend the administrative code of the city of New York, in relation to requiring from owners of income-producing property income and expense statements for real property assessment purposes
Be it enacted by the Council as follows:
Section 1. Declaration of legislative findings. The council finds that in determining the assessed value of an income-producing property, the actual income and expenses of the property are a most important factor. At the present time, assessors rarely have these figures for the current period made available to them. If such information were to be made available sufficiently in advance of the making of assessments, the work of the assessor would be facilitated, assessments would be more accurate, the number of administrative and judicial review proceedings on objections would be lessened, the tax burden would be borne more fairly, and the amount of tax refunds would be substantially reduced.
The council further finds that the newly enacted system of taxation contained in chapter ten hundred fifty-seven of the laws of nineteen hundred eighty-five places like income-producing property in one class and all members of such class must share the tax burden of that class equally. However, owners of properties which are underassessed because assessors lack adequate income and expense data profit at the expense of other owners within the class. Full disclosure would provide for a more equitable sharing of tax obligations among class members. The council further finds that inequality is a major cause of complaint regarding tax assessments. Any data which will permit greater precision to the process of assessment will benefit both the taxing authority and the taxpayer.
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[Consolidated provisions are not included in this Appendix A]
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§ 4. This local law shall take effect on the first day of August next succeeding the date on which it shall have become a law.