The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The New York City Tax Appeals Tribunal has jurisdiction over petitions filed by taxpayers protesting statutory notices issued by the Department of Finance for all non-property income and excise taxes, and annual vault chargers administered by the City of New York.
To calculate a commercial property’s value for tax purposes, the city uses what is known as a “capitalized income approach.” IBO examines this method, focusing on a key part of the calculation and investigates how overestimation of these rates leads to inequitable property assessments.
New York City Mayor Eric Adams signs legislation to provide a one-time property tax rebate of up to $150 to hundreds of thousands of eligible New York homeowners.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The Hotel Room Occupancy Tax must be paid on the occupancy, or the right of occupancy, of a room or rooms in a hotel. Hotel Room Occupancy Tax is separate from the NYC Sales Tax on hotel room occupancy and is charged in addition to the Sales Tax.
The seventh annual report of the Office of the Taxpayer Advocate (OTA), an office established in 2015 by the Department of Finance (DOF) to assist customers and recommends improvements to the agency’s policies and procedures.
This report presents statistical information for Tax Year 2018 for three New York City business income taxes: The Business Corporation Tax (COR), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).