Owners of commercial properties assessed up to $5 million no longer need to submit certified audit
The City Council passed a bill last week to reduce the number of building owners required to submit a certified income audit when appealing their property taxes. Certified audits cost around $10,000.
Bottom line: Owners of commercial properties assessed up to $5 million will no longer be required to submit a certified audit when appealing their assessments. However, there will be no change for properties assessed over $5 million. The new law is still awaiting the Mayor’s signature.
By the numbers: Property tax is New York City’s largest source of revenue, with more than $27.8 billion paid in fiscal year 2019, according to the WSJ.