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.
New York City Mayor Eric Adams and New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga kicks off the tax season and encouraged New Yorks to file their taxes.
New York City Mayor Eric Adams announces the Capital Process Reform Task Force to cut years off the city’s capital project delivery process and save New York City taxpayers tens of millions of dollars every year.
In a series of charts and graphs IBO presents some key findings from the data, in particular, how in 2020—the first year of the Covid-19 pandemic—total income reported by full-year New York City residents increased compared with 2019., along with 2020 PIT tables.
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.
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