The Tax Commission's 2011 Annual Report is submitted to the Mayor and the City Council pursuant to Section 155 of the Charter of the City of New York. This report contains information about the Tax Commission and its mission, functions, operations and resources, an overview of the agency's performance and statistical profiles of its determinations during calendar year 2011.
This follow-up audit determined whether the 22 recommendations made in the previous audit entitled Audit Report on the Compliance of Fitmar Management, LLC With
Its License Agreement were implemented.
Recent legislation in Albany, including changes in the budget adopted last month and set to go into effect in April 2013, have been aimed at improving the ability of the city and state
to get reimbursements for Early Intervention services. IBO has examined claims data from 2002 through 2010 and considered the likelihood these legislative efforts will
reduce the program's reliance on city funds.
This current audit is focused on the Department of Finance's implementation of Computer Assisted Mass Appraisal System and whether it will meet the initial business
and system requirements, and overall goals.
The New York City Department of Finance collects City revenues, values all real property in the City, and maintains property records. Each year, DOF determines the market value of the properties, from which the
taxable value is calculated. There are three assessment periods: Tentative, Change by Notice, and Final Periods.
The reports have beomce one of the primary means for rating and reporting on the effectiveness of each of the city's schools. Education department administrators
use the reports for making decisions about which schools and principals to reward and conversely, determining which schools to close or principals to remove.
Economic Conditions
Monthly Report on Current Economic Conditions
A monthly report, which highlights current economic conditions pertinent to New York City. The report focuses on the state of the U.S. Economy, financial markets, inflation, New York City labor markets, and commercial and residential real estate.
This report presents the IBO's new economic forecast and tax revenue projections along with their review and adjustments of the Mayor's spending plans under
the Preliminary Budget for Fiscal Year 2013 and Financial Plan through 2016.