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
This report, mandated by the New York City Charter, identifies and describes tax expenditure programs related to taxes administered by the City and provides tax expenditure estimates based on available data.
Market value grew in FY 2020, for the ninth straight year. The total citywide market
value of fully and partially taxable property exceeded $1.3 trillion and was 5.2 percent
higher than in FY 2019. Market value increased in all boroughs:
Findings from a DOI Investigation into the City Department of Environmental Control Board (ECB) summons enforcement and collection, which identified serious holes in the process that results in City losing out on much needed revenue.