New York City has launched an all-out effort to deprive taxpayers of hard fought tax exemptions and find new ways to impose high penalties for late and defective filing.The measures are all calculated to bring in additional revenue. The New York City Department of Finance has generated millions of dollars in additional revenue for the city coffers by directing new and greater efforts to serve penalties and remove tax exemptions from property owners who fail to make complete and timely filings of routine information statements. In the process, however, the city has deprived many property owners of valuable tax exemptions that they were entitled to, or charged stiff penalties for what amount to minor infractions and late or incomplete returns. Late last year, property owners received notices to file a certificate of continuing use for commercial tax exemptions like the Industrial and Commercial Incentive Program and the Industrial and Commercial Abatement Program. The notices warned that even though a property owner may qualify for continued benefits on these multi-year, legislative as-of-right incentive programs, failure to timely file the renewal form would result in the exemption’s cancellation.
https://www.marcuspollack.com/wp-content/uploads/2015/07/new-york-city-Earth.jpg 1000 2000 Dina Pearlman https://www.marcuspollack.com//wp-content/uploads/2015/10/copy-logo3.png Dina Pearlman2015-07-27 14:19:312019-04-10 15:03:54NewYork City Assessors Elevate Forms over Substance New York City