The New York City Council passed Local Law 249, requiring the Department of Finance (DOF) to notify property owners
when real estate instruments are recorded on their properties, on November 16, 2017. The law took effect July 1, 2018
Local Law 249 was passed by the New York City Council on November 16, 2017, and took effect July 1, 2018. The law
requires the Department of Finance (DOF) to notify property owners when real estate instruments are recorded on their
properties
On or before May 1 of each year, The Department of Finance is required to submit an annual report to the New York City Council no later than May 1 detailing the activities of OTA during the preceding year
The New York City Rent Freeze program is comprised of the Senior Citizen Rent Increase
Exemption (SCRIE) and the Disability Rent Increase Exemption (DRIE). The program assists lowincome seniors and people with disabilities who reside in rent-regulated apartments or
apartments
The New York City mortgage recording tax (MRT) is an excise tax imposed on the recording of a
mortgage on real property located in New York City, and is payable when the mortgage is recorded at
the City Register’s Office or, for properties located in Staten Island, Richmond County
Local Law 249 was passed by the New York City Council on November 16, 2017, and took effect July 1, 2018. The law
requires the Department of Finance (DOF) to notify property owners when real estate instruments are recorded on their
properties.
This report provides data on Commercial Rent Tax (CRT) liability at the taxpayer and premises level.
The data sources for this report are taxpayers’ CRT tax year 2018 (June 1, 2017 – May 31, 2018)
returns and CRT collections data from Department of Finance records.
Local Law 249 passed by the City Council on November 16, 2017, which took effect July 1, 2018, requires the New York City Department of Finance (DOF) to send notification of recording of real estate instruments.
On or before May 1 of each year, The Department of Finance is required to submit an annual report to the New York City Council no later than May 1 detailing the activities of OTA during the preceding year