Bad Property Assessments Cost NYC $2M In Taxes, Audit Says

Law360, New York (March 17, 2014, 1:18 PM EDT) -- A New York City Department of Finance audit released Monday found lax property inspectors improperly classified hundreds of properties in the Big Apple, resulting in an annual real estate tax loss of almost $2 million.

New York City Comptroller Scott M. Stringer conducted the study, and he found around 300 NYC business properties were misclassified as “vacant,” subjecting them to a much lower tax rate than that imposed upon an operating business.

“City taxpayers lose out on millions of dollars annually in lost tax revenue when...
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