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 City Register’s Office or, for properties located in Staten Island, the Richmond County Clerk’s
Office.
The rationale for the Hotel Room Occupancy Tax, first imposed in NYC in 1970, is that visitors should help pay the cost of basic services and tourism development initiatives that benefit them while here. The Hotel Room Occupancy Tax must be paid on the occupancy, or the right of occupancy of a room.
This report includes real property transacted between January 1 and Dec 31, 2023.Total 2023 liability was $1,428.3 million, including $1,142.0 million dedicated to the NYC general fund and $286.3 million dedicated to the NYC Transit Authority and certain paratransit and franchised bus operators.
This report presents statistical information for tax year 2020 for three New York City business income taxes: the Business Corporation Tax (COR), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT). These taxes are explained in Appendices A, B, and C. Local Law 18/2017
Excel table attachment for Annual report regarding exemptions and abatements for real property (2024) New York City Administrative Code Title 11, Section 243(cc)
Section 11-224.1 NYC Administrative Code, the NYC Banking Commission is submitting to Speaker Adams its formal recommendations for the discount rate for early property tax payments, rate for payment program for property taxes; and the rates for late-payment of property taxes Fiscal Year 2025-7 files
Pursuant to the Citywide Administrative Procedures Act (“CAPA”) Section 1042, the Business Integrity Commission (“BIC”) has published its annual regulatory agenda for the coming Fiscal Year 2025 in the May 1, 2024 edition of The City Record, which can be accessed here.
A plan and a timeline for revocation of benefits under section 421-a of the real property tax law for each designated building for which such department received, during the reporting period from the department of housing preservation, pursuant to chapters 15 and 16 of title 26 of the code
This report highlights OTA’s work from January 1, 2023, through December 31, 2023. Since its
establishment, OTA has assisted thousands of taxpayers with questions and contributed to the
delivery of excellent customer service. In Part II of this report, OTA presents eight new
recommendations
To All BIC Licensees: All financial statements for the 2023 calendar year must be filed with the Business Integrity Commission (“BIC”) on or before June 30, 2024. The form for the 2023 financial statements is available on the Commission’s website: https://www.nyc.gov/bic.
To All BIC Licensees: All financial statements for the 2023 calendar year must be filed with the Business Integrity Commission (“BIC”) on or before June 30, 2024. The form for the 2023 financial statements is available on the Commission’s website: http://www.nyc.gov/bic.
To All Trade Waste Broker Registrants:
All financial statements for the 2023 calendar year must be filed with the Business Integrity Commission (“BIC”) on or before June 30, 2024. The form for the 2023 financial statements is available on the Commission’s website: https://www.nyc.gov/bic.
Annual Report on Tax Expenditures/Listing of all exclusions, exemptions, abatements, credits etc. allowed against city tax liability for Fiscal Year 2024
Under Local Law 36 of 2023, the New York City Department of Finance (DOF) is required to
report information relating to property tax payment plans to the mayor and speaker of the city
council. Local Law 36 also created a new type of property tax payment plan that reduces the
interest rate.
Key initiatives and accomplishments undertook last fiscal year (2022) to advance DEI and EEO goals, for example, recognizing employee contributions to DEI goals through awards and employee appraisal, introducing new equity programs, training all staff on mandatory trainings or resource groups.
Under Local Law 249 of 2017 and Local Law 216 of 2021, the Department of Finance (DOF) is required to notify property owners when real estate instruments are recorded on their properties. The law mandates that DOF provide an annual report to the council and publish the report on DOF's website.
This year the Department of Finance is reporting storefront information submitted by owners in the summer of 2023 for calendar year 2022, and supplemental statements for owners reporting vacant storefront as of June 30, 2023, within the 60 day timeframe provided by the law.
The Real Property Transfer Tax (RPTT) is imposed on the consideration for the following conveyances or transfers where the consideration exceeds $25,000.
The ombudspersons provide data regarding their work at the end of each fiscal year and make annual recommendations to the commissioner of DOF regarding Rent Freeze program operations.